Terminate a BD Firm Registration

Firms are able to file full or partial withdrawals of registration by submitting Form BDW, the Uniform Request for Broker-Dealer Withdrawal.

Partial Withdrawal

A partial withdrawal ends registration with one or more specified jurisdictions and/or self-regulatory organizations (SROs), but not with the U.S. Securities and Exchange Commission (SEC). Registration with at least one SRO and jurisdiction must be maintained in order to submit the filing.

Remember: Partial Form U5 and Form BR withdrawals should be filed to terminate the appropriate SRO and/or jurisdiction registrations for your firm’s branches and registered individuals prior to the submission of the partial Form BDW.

Full Withdrawal

A full withdrawal terminates registration with FINRA, all other SROs, the SEC and all jurisdictions.

Please remember the following items when terminating your firm’s registration:

Before Filing Form BDW

• File a Form BD amendment to update inaccurate or incomplete information, pursuant to Article IV, Section 1 (c) of the FINRA By-Laws.
  • Web CRD - Organization Form Filing: Form BD
     
• File Form U4 amendments to update inaccurate or incomplete information for registered representatives, pursuant to Article V, Section 2 (c) of the FINRA By-Laws.
  Note: Remember to add employment end dates as appropriate via Form U4 amendment. The Employment History section of an individual’s CRD record cannot be updated via Form U5.
  • Form U4 Information

After Filing Form BDW

• File a Form BD amendment to remove individuals from Schedules A/B, leaving at least one control person on Schedule A to finalize shutdown activities for the firm.
  • Web CRD - Organization Form Filing: Form BD
     
• File U4 Page 2 Amendment(s) for Schedules A/B to add an appropriate Employment end date in the Employment History section (Section 12). All U4 Page 2 Amendments must be submitted within 60 calendar days from the BDW filing date.
  • Form U4 Information
     
• Submit Form(s) U5 to terminate registration for individuals registered with the firm. To avoid an RR Term No U5 registration status, all Form(s) U5 must be submitted within 60 calendar days from the BDW filing date.
  • Registration Filing in FINRA Gateway - Enhanced Form U5 Filing Experience Summary of Changes
     
• The Designated Custodian for terminating firms must send the completed Custodian Consent Form as a scanned email attachment to [email protected]. Designated Custodians that are unable to submit the form via email should contact the FINRA Support Center at (301) 869-6699 to make alternative arrangements.
   
• Be aware that some jurisdictions may have additional filing requirements for withdrawing a firm registration. Make sure that you contact the appropriate jurisdictions for their specific filing requirements. A directory of states/jurisdictions is available on the North American Securities Administrators Association website.
   
• If your firm is registered with the Municipal Securities Rulemaking Board, be aware that MSRB Form A-12 must be amended to withdraw a firm’s municipal securities dealer registration. This cannot be accomplished via the Form BDW. Please see MSRB Rule A-12 and the MSRB Registration Manual for further guidance.
  • Firms that are registered as municipal advisors and are terminating that business line must file Form MA-W with the SEC in addition to amending Form A-12. These firms must also file an amendment to each associated person’s Form MA-I to indicate that each such individual is no longer an associated person of the municipal advisor or no longer engages in municipal advisory activities on its behalf. Please see the SEC Office of Municipal Securities Municipal Advisors page for further information.