When a Section 7 (Closing/Withdrawal) is filed, what happens to the individuals associated with that location?
If the branch office being closed is the sole Office of Employment Address for an individual, the firm will need to file a Form U4 amendment to update the individual’s Office of Employment Address and associate him/her with another registered Office of Employment Address location before the Form BR branch closing or withdrawal can be submitted. If an individual is associated with more than one registered Office of Employment Address location, there is no need to update the individual’s Office of Employment Address on the Form U4 when submitting the Form BR closing or withdrawal, because the association between the individual and the branch office will be closed when the Form BR closing/withdrawal is submitted. The individual’s record will be updated, and the end date used on the individual’s record will be the date the Form BR Closing/Withdrawal was filed.
Related Questions
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- When a Section 7 (Closing/Withdrawal) is filed, what happens to the individuals associated with that location?
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