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  1. #1
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Will A Bankruptcy Disqualify Me For SEC Licensing?

    According to FINRA,
    Quote Quoting I'm considering filing for bankruptcy. Would FINRA rules prohibit me from obtaining a securities license and working for a broker-dealer if I file for bankruptcy?
    Answer: No. FINRA By-Law, Article III, Section 4 outlines events that would disqualify an individual from being associated with a FINRA member firm. However, filing for bankruptcy is not one of them.

    Information on "disqualifying" events and for steps that members can take to sponsor the proposed association with a disqualified person is available on our Web site. Bankruptcy filing is required to be disclosed on the Form U4 (see Item 14K on Form U4), and this information is publicly available upon request through FINRA BrokerCheck.

    Many of the answers in our FAQ database were created prior to the consolidation of NASD and NYSE Member Regulation into the Financial Industry Regulatory Authority (FINRA). FINRA is currently working toward a single, consolidated rulebook. We will also update our FAQ database. In the interim, the information provided - and rule(s) cited - in this FAQ refer to the NASD rulebook. Firms that were dually registered with NASD and NYSE Regulation prior to the consolidation should carefully consider whether similar NYSE rules apply.

  2. #2
    Join Date
    Nov 2007
    Posts
    811

    Default Re: Will A Bankruptcy Disqualify Me For SEC Licensing?

    This is outside the scope of the law (and I am not a lawyer). I studied for the series 6 and 63 exams years ago, but decided that selling insurance products was not a good future for me (it was for a lot of friends and their parents!)

    That having been said...
    The companies that I interviewed with had a lot of pre-employment tests before they would even interview face-to-face. Of the tests I took I found that all of them had sections regarding personal finance and keyed on 1) Your net worth, 2) Your financial solvency, and 3) Your earning potential and what you thought it was with their company.

    You might want to talk to people in the industry to see how a bankruptcy would affect your ability to be hired. If you are just selling insurance products it might not be as bad; if you sell stock products then the company may be a bit more sensitive to your insolvency.

    Bob

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