Proposed Changes to FINRA Forms U4 and U5

The Arbitration Committee of SIFMA provides comments to the Financial Industry Regulatory Authority (FINRA) on a proposal to change FINRA forms U4 and U5, FINRA Regulatory Notice 08-20.  Forms U4 and U5 are Uniform Registration Forms are filed when individuals begin and end their registered relationship with FINRA.  SIFMA generally supports the proposed changes, but recommends additional changes. In particular, the letter recommends that the threshold for reporting settlements of customer complaints be raised to $25,000, that there should include measures to promote responsible pleading, and that FINRA should ensure that registered persons are not treated disparately.