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After a firm transitions an individual onto Web CRD, does the firm need to file a Form U-4 Amendment for the individual?

April 26, 2017Amendment crd file firm form individual transitions u-4 web

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After a firm transitions an individual onto Web CRD, does the firm need to file a Form U-4 Amendment for the individual?

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Yes and no. If the individual transitioned is registered as both a Registered Representative (RR) and an Investment Adviser Representative (RA), a Form U-4 Amendment is NOT necessary, because the individuals electronic Form U-4 should already exist in Web CRD for the RR position and will now share the record for the RA position as well. If the individual is solely an Investment Adviser Representative (RA), the firm will need to file a Form U-4 Amendment. Transitioning this type of individual only establishes a base CRD record so that states may validate current registration statuses held and the firm may avoid paying duplicative registration fees. The submission of an electronic Form U-4 Amendment for this individual is necessary to complete the electronic registration record.