Leaving BD...how to take my license with me?

Discussion in 'Professional Trading' started by FewWords, Apr 25, 2008.

  1. FewWords


    Hey guys, i have a little problem on my hands. I left one company and started working for another one, the new company is not willing to take my licenses until the trial period is over and it seems that it might be not end for quite some time. I was wondering if there are any forms i could file so that i would "detach" my license from the old company and leave them dormant for some time. How do i accomplish that ? Thank you !
  2. If you left your old company they should have U5'ed you, which means you are no longer registered with that firm. You can have your license sit dormant, not held at any firm for 2 years before it expires. If you want to double check that your license isn't still being held at your old firm, just go to the FINRA.org website and do a brokercheck on yourself.
  3. Your Series 7 will expire two years after your broker files the U-5.

    If you have any further questions, I suggest contacting FINRA:

  4. FewWords


    Thank you for your responses. They most certainly have not U5ed me, i know that for a fact. I will contact FINRA first thing Monday morning.
  5. If you really think it is going to be some time before your licenses are held by a new firm, I wouldn't want to get U5ed from your old firm. It is their responsibility to U5 you, why would you want to speed the process by contacting FINRA?

    I have a 24 but am not sure on the absolute implications, but I have known guys whose licenses sat at old firms for months.