Tennessee Broker-Dealer Withdrawal is the process by which a broker-dealer firm may withdraw from registration with the Tennessee Department of Commerce and Insurance. There are two types of Tennessee Broker-Dealer Withdrawal: voluntary and involuntary. Voluntary Tennessee Broker-Dealer Withdrawal is initiated by the broker-dealer firm and requires approval by the Tennessee Department of Commerce and Insurance. Involuntary Tennessee Broker-Dealer Withdrawal is initiated by the Tennessee Department of Commerce and Insurance and requires the broker-dealer firm to submit a Form U-4 and other required documents. In either case, the Tennessee Department of Commerce and Insurance must be notified of the withdrawal. Upon approval, the broker-dealer firm must close its accounts with clients, pay any outstanding liabilities, and surrender any books and records to the Tennessee Department of Commerce and Insurance.
Tennessee Broker-Dealer Withdrawal
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The Form also is used by applicants to register as broker- dealers with certain self-regulatory organizations and all of the states. The Commission and the Financial Industry Regulatory Authority, Inc. maintain the files of the information on this Form and will make the information publicly available.
Submit Form U5 to terminate registration for individuals registered with the firm. All Form U5s must be submitted within 60 calendar days from the BDW filing date. The Designated Custodian for terminating firms must send the completed Custodian Consent Form as a scanned email attachment to BDW@finra.org.
Broker-Dealers Must Register Before Selling Unregistered Securities ? Including Private Placements (or Regulation D offerings) A security sold in a transaction that is exempt from registration under the Securities Act of 1933 (the "1933 Act") is not necessarily an "exempted security" under the Exchange Act.
Broker-Dealers must file Form BD through the Central Registration Depository (CRD) system, operated by the Financial Industry Regulatory Authority (FINRA).
The initial Hard Copy Form BD must bear an original signature on behalf of the Applicant (mechanical reproductions are not acceptable) and the signature date field must reflect a complete month, day and year.
The Form BD is the Uniform Application for Broker-Dealer registration with the SEC, SROs and jurisdictions. It provides background information on the applicant and the nature of its business.
The Form also is used by applicants to register as broker- dealers with certain self-regulatory organizations and all of the states. The Commission and the Financial Industry Regulatory Authority, Inc. maintain the files of the information on this Form and will make the information publicly available.
Firms are able to file full or partial withdrawals of registration by submitting Form BDW, the Uniform Request for Broker-Dealer Withdrawal.