If a firm opens a new branch and adds a new registered person who will be a supervisor or person-in-charge of the new branch, which should the firm file first – the Form BR or Form U4?
Firms should follow a 3-step process: (1) File an Initial Form U4 to register the individual, and assign the individual to the firm’s main office (i.e., BDMAIN or IAMAIN) as a “placeholder” Office of Employment Address; (2) File the Initial Form BR to register the location as a branch and select the individual to be a Supervisor/Person-In-Charge of the branch (the Form BR filing will automatically create an Office of Employment Address for the branch on the Individual’s record); and (3) File an amended Form U4 to close out the assignment to the main office.
Related Questions
- If a firm opens a new branch and adds a new registered person who will be a supervisor or person-in-charge of the new branch, which should the firm file first – the Form BR or Form U4?
- Does each branch of an insurance agency, bank or securities firm that engages in the transaction of insurance have to be licensed or registered?
- Can a firm specify a Supervisor/Person-In-Charge for a branch office on a Form U4?
