Central Registration Depository

Registration with FINRA, other self-regulatory organizations (SROs) and all appropriate jurisdictions is subject to an annual renewal requirement.

The Uniform Forms

The registration record is built from uniform forms. Form BD, the Uniform Application for Broker-Dealer Registration, is used by broker-dealers to register or to withdraw their registration. Form U4, the Uniform Application for Securities Industry Registration or Transfer, is used by firms to register and update the registration information of associated persons. Form U5, the Uniform Termination Notice for Securities Industry Registration, is used by firms to terminate one or more of the registrations of associated persons. Form BR, the Uniform Branch Office Registration Form, is used by broker-dealers for branch office registration, notification, closing or withdrawal.

FINRA, other SROs and jurisdictions use Form U4 to elicit employment history, disciplinary and other information about individuals to register them. Form U5 is used to terminate registration and, if relevant, to detail why an individual left the firm. A Form U5 must be filed when an individual leaves a firm for any reason. An amendment Form U5 is used to update or amend disclosure, date of termination, reason for termination and residential information for an individual previously terminated.

Form BR is the Uniform Branch Office Registration form that enables firms to register or notice file branch offices electronically through FINRA Gateway with FINRA, the New York Stock Exchange, Inc. and other participating jurisdictions.

How Filings Are Made and Supervised

Except as provided in Rule 1013(a)(2), Rule 1010 requires that all forms required to be filed by Article IV, Sections 1, 7, and 8, and Article V, Sections 2 and 3, of the FINRA By-Laws be filed through an electronic process, or such other process FINRA may prescribe, to the Central Registration Depository.

To comply with the supervisory procedures requirement in Rule 3110, each member must identify a registered principal or corporate officer who has a position of authority over registration functions, to be responsible for supervising the electronic filing of the forms. The registered principal or corporate officer who has the responsibility to review and approve the forms must acknowledge, electronically, that the filing is made on behalf of the member and the member's associated persons.

Except as provided in the rule, every initial and transfer electronic Form U4 filing and any amendments to the disclosure information on Form U4 must be based on a signed Form U4 provided to the member or applicant for membership by the person on whose behalf the Form U4 is being filed.

Keeping the Record Current

Registered individuals are under a continuing obligation to update changes to information required by Form U4 within a specified amount of time by filing an appropriate amendment, as prescribed in Article V, Section 2 of the FINRA By-Laws.

Every application for registration filed with FINRA must be kept current at all times by supplementary amendments via electronic process or such other process as FINRA may prescribe to the original application. An amendment to the application must be filed with FINRA not later than thirty days after learning of the facts or circumstances giving rise to the amendment. If the amendment involves a statutory disqualification as defined in Section 3(a)(39) and Section 15(b)(4) of the Securities Exchange Act of 1934, the amendment must be filed not later than ten days after the disqualification occurs.

Following the termination of the association with a member of a person who is registered with it, the member must, not later than thirty days after the termination, give notice of the termination of the association to FINRA via electronic process or such other process as FINRA may prescribe on a form designated by FINRA. The member must concurrently provide to the person whose association has been terminated a copy of the notice as filed with FINRA. A member that does not submit the notification and provide a copy to the person whose association has been terminated, within the time period prescribed, is assessed a late filing fee as specified by FINRA.

The member must also notify FINRA by means of an amendment to the notice if the member learns of facts or circumstances causing any information set forth in the notice to become inaccurate or incomplete. The amendment must be filed with FINRA, and a copy provided to the person whose association with the member has been terminated, not later than thirty days after the member learns of the facts or circumstances giving rise to the amendment.

Fingerprints and Background Investigation

Except as otherwise provided in the rule, Securities and Exchange Commission (SEC) Rule 17f-2 requires every member of a national securities exchange, broker, dealer, registered transfer agent and registered clearing agency to require that each of its partners, directors, officers and employees be fingerprinted. The firm must submit, or cause to be submitted, the fingerprints of such persons to the Attorney General of the United States or its designee for identification and appropriate processing. The firm must maintain the processed fingerprint card, or any substitute record when the card is not returned after processing, together with any information received from the Attorney General or its designee, for every person required to be fingerprinted. These records must be retained for a period of not less than three years after termination of that person's employment or relationship with the organization.

Upon filing an electronic Form U4 on behalf of a person applying for registration, a member must promptly submit fingerprint information for that person. FINRA may make a registration effective pending receipt of the fingerprint information. If a member fails to submit the fingerprint information within thirty days after FINRA receives the electronic Form U4, the person's registration is deemed inactive. In such a case, FINRA notifies the member that the person must immediately cease all activities requiring registration and is prohibited from performing any duties and functioning in any capacity requiring registration. FINRA administratively terminates a registration that is inactive for a period of two years. A person whose registration is administratively terminated may reactivate the registration only by reapplying for registration and meeting the qualification requirements of the applicable provisions of Rule 1210 and Rule 1220. Upon application and a showing of good cause, FINRA may extend the thirty-day period.

Rule 3110(e) places an investigation duty on the hiring firm. Each member must ascertain by investigation the good character, business reputation, qualifications and experience of an applicant before the member applies to register that applicant with FINRA and before making a representation to that effect on the application for registration.

If the applicant previously has been registered with FINRA or another self-regulatory organization, the member must review a copy of the applicant's most recent Form U5, including any amendments, within sixty days of the filing date of an application for registration, or demonstrate to FINRA that it has made reasonable efforts to do so.

Each member must also establish and implement written procedures reasonably designed to verify the accuracy and completeness of the information contained in an applicant's initial or transfer Form U4 no later than thirty calendar days after the form is filed with FINRA. Such procedures must, at a minimum, provide for a search of reasonably available public records to be conducted by the member, or a third-party service provider, to verify the accuracy and completeness of the information contained in the applicant's initial or transfer Form U4.

Accuracy and Timeliness of Filings

No member or person associated with a member may file with FINRA information with respect to membership or registration which is incomplete or inaccurate so as to be misleading, or which could in any way tend to mislead, or fail to correct such filing after notice thereof. Rule 1122 sets this standard.

It is imperative that firms file complete and accurate Forms U5 in a timely manner. The reported information is used by a number of constituencies for a variety of reasons. FINRA uses the information to help identify and sanction individuals who violate FINRA rules and applicable federal statutes and regulations. FINRA, other self-regulatory organizations and state regulatory and licensing authorities also use the information to make informed registration and licensing decisions. Firms use the information to help them make informed employment decisions. Investors use the Form U5 information that is displayed through BrokerCheck when considering whether to do business with a registered (or formerly registered) person.

A firm must provide sufficient detail when responding to Form U5 questions such that a reasonable person may understand the circumstances that triggered the affirmative response. Each question on Form U5 stands on its own, and firms should carefully read each question on the form and respond appropriately to each question. Firms may be subject to administrative and civil penalties for failing to provide complete and accurate information on Form U5 in a timely manner.

Who Uses the CRD

Firm compliance professionals can access filings and requests, run reports and submit support tickets through FINRA Gateway, FINRA's compliance portal. With information as of October 2026, the registration filing requirements of the CRD program are being integrated into FINRA Gateway.

Registered representatives can fulfill Continuing Education requirements, view their industry CRD record and perform other compliance tasks. The Financial Professional Gateway, also called FinPro Gateway, is the application for representatives.

The general public can review information about investment professionals with the registration information collected through the CRD program, which is disclosable via BrokerCheck.

From the CRD to BrokerCheck

FINRA established BrokerCheck in 1988, then known as the Public Disclosure Program, to provide the public with information on the professional background, business practices, and conduct of FINRA member firms and their associated persons. BrokerCheck is a free tool from FINRA that can help you research the professional backgrounds of investment professionals, brokerage firms and investment adviser firms.

The information that FINRA releases to the public through BrokerCheck is derived from the CRD system. The information about brokerage firms and associated registered investment professionals that you find in BrokerCheck comes from the Central Registration Depository, which is the securities industry online registration and licensing database. The information about investment adviser firms and representatives comes from the Securities and Exchange Commission's Investment Adviser Registration Depository (IARD) database.

An individual's BrokerCheck report can include the following. The individual's employment history for the last ten years, both in and outside the securities industry, appears as reported by the individual on their last Form U4. A qualifications section includes a listing of the individual's current registrations or licenses, if any. A disclosure section includes information about customer disputes, disciplinary events and certain criminal and financial matters on the individual's record. Some of these items may involve pending actions or allegations that have not been resolved or proven.

BrokerCheck will continue to include information about all investment professionals for ten years after their registration with FINRA or a national securities exchange terminated. After ten years, an individual will only remain in the BrokerCheck system if they were the subject of a final regulatory action; convicted of or pled guilty or no contest to certain crimes; subject to a civil injunction involving investment-related activity or found in a civil court to have been involved in a violation of investment-related statutes or regulations; or named as a respondent or defendant in an arbitration or civil litigation in which the investment professional was alleged to have committed a sales practice violation, and which resulted in an award or civil judgment against the investment professional. BrokerCheck may have limited information for individuals whose last registration ended before August 1999.

Using the Record to Check a Professional

Before doing business with a seller, ask who the seller is registered or licensed with and in what capacity. Even if the seller claims to be registered, do your own research.

BrokerCheck can be used to research firms as well as individuals. A BrokerCheck summary report provides information on the individual's employment history, qualifications, disclosure events and more.

Watch for any inconsistencies between what a seller tells you and what you find on your own. Some bad actors might falsely claim to be registered, and scammers may misuse the names of real registered professionals or firms.

Correcting or Removing Information

Members or associated persons seeking to expunge information from the CRD system arising from disputes with customers must obtain an order from a court of competent jurisdiction directing such expungement or confirming an arbitration award containing expungement relief. Members or associated persons petitioning a court for expungement relief must name FINRA as an additional party and serve FINRA with all appropriate documents, unless this requirement is waived under the rule. Rule 2080 sets these requirements.

The IARD and the States

The IARD, developed jointly by NASAA and the SEC, and built and operated by FINRA, is to investment advisers what the CRD is to broker-dealers. Its database helps promote uniformity, through use of common forms, and efficiency through a paperless environment.

Both brokerage firms and individuals must be registered with FINRA to conduct securities transactions. Individuals might also be required to meet state registration requirements.

Exam Relevance

The Securities Industry Essentials examination content outline lists Form U4 and Form U5, with purpose and when to update forms named in parentheses, in Topic 4.2.1, Employee Conduct, under 4.2, Employee Conduct and Reportable Events, in Section 4, Overview of the Regulatory Framework. Topic 4.2.1 lists Form U4 and Form U5; consequences of filing misleading information or omitting information; customer complaints; and potential red flags.

Topic 4.1.1, Registration and Continuing Education, under 4.1, SRO Regulatory Requirements for Associated Persons, lists SRO qualification and registration requirements, with definition of registered versus non-registered person, permitted activities of registered and non-registered persons, ineligibility for membership or association, background checks, fingerprinting, statutory disqualification, and failing to register an associated person listed beneath it; state registration requirements, with blue-sky laws named in parentheses; and the Continuing Education requirement, with Firm Element and Regulatory Element listed beneath it.

The rules listed for Section 4 include FINRA Rule 1122, FINRA Rule 3110(e), FINRA Rule 8312 and SEC Rule 17f-2. The outline does not name the CRD. Candidates should check the current outline before the examination.

Common Misunderstandings

The CRD is the same as BrokerCheck. BrokerCheck is a free tool from FINRA for researching investment professionals, brokerage firms and investment adviser firms, and the information that FINRA releases to the public through BrokerCheck is derived from the CRD system.

BrokerCheck shows everything in the CRD. The information that FINRA releases to the public through BrokerCheck is derived from the CRD system, and BrokerCheck will continue to include information about all investment professionals for ten years after their registration with FINRA or a national securities exchange terminated. After ten years, an individual will only remain in the BrokerCheck system in the limited cases listed above.

The CRD covers individuals only. The CRD program covers the registration records of broker-dealer firms, branch offices and their associated individuals.

Form U4 is filed once and then left alone. Registered individuals are under a continuing obligation to update changes to information required by Form U4, and an application for registration must be kept current at all times.

Every Form U4 amendment has thirty days. An amendment must be filed not later than thirty days after learning of the facts or circumstances giving rise to it, but an amendment involving a statutory disqualification must be filed not later than ten days after the disqualification occurs.

Filing Form U5 ends the record. Investors use the Form U5 information that is displayed through BrokerCheck, and BrokerCheck will continue to include information about all investment professionals for ten years after their registration with FINRA or a national securities exchange terminated.

A firm may submit fingerprints whenever convenient. If a member fails to submit the fingerprint information within thirty days after FINRA receives the electronic Form U4, the person's registration is deemed inactive.

A firm or representative can have a disclosure deleted by request. Expunging information from the CRD system arising from disputes with customers requires an order from a court of competent jurisdiction directing such expungement or confirming an arbitration award containing expungement relief.

A misleading filing is a problem only if it is deliberate. Rule 1122 applies to information that is incomplete or inaccurate so as to be misleading, or which could in any way tend to mislead, and to failing to correct such a filing after notice. The text of the rule does not mention intent.

Investment advisers are registered in the CRD. The IARD is to investment advisers what the CRD is to broker-dealers.

A registered representative cannot see the record. Registered representatives can view their industry CRD record.

Key Points to Retain

The CRD is the securities industry online registration and licensing database, and FINRA is responsible for the CRD program.

The CRD program covers the registration records of broker-dealer firms, branch offices and their associated individuals, including their qualification, employment and disclosure histories.

Form BD registers the broker-dealer, Form U4 registers and updates associated persons, Form U5 terminates registration, and Form BR registers branch offices.

An application for registration must be kept current at all times, and an amendment must be filed not later than thirty days after learning of the facts or circumstances giving rise to it.

An amendment involving a statutory disqualification must be filed not later than ten days after the disqualification occurs.

The member must give notice of termination not later than thirty days after the termination of the association, and the person whose association has been terminated receives a copy of the notice as filed.

Fingerprint information must be submitted promptly after the Form U4 is filed, and registration is deemed inactive if it is not submitted within thirty days.

Rule 3110(e) requires an investigation of good character, business reputation, qualifications and experience, a review of the most recent Form U5, and verification of the Form U4 against public records.

Rule 1122 prohibits filing information that is incomplete or inaccurate so as to be misleading, or that could in any way tend to mislead.

The information that FINRA releases through BrokerCheck is derived from the CRD system, and expunging information arising from disputes with customers requires a court order directing expungement or confirming an arbitration award containing expungement relief.

The Securities Industry Essentials examination content outline lists Form U4 and Form U5 in Topic 4.2.1, Employee Conduct.