Form Filing-New York IA Representative Registration

FINRA recently announced that effective February 1, 2021, the State of New York (NY) will begin registering Investment Adviser Representatives (IARs) in CRD. On February 1, Forms U4 and U5 will be updated to allow firms to select, under Section 5 of Form U4, RA registration in NY.

From February 1 until June 30, 2021, NY will offer both noticed and registered NY investment adviser firms an offline “mass registration” process in an effort to help facilitate bulk RA registration. Firms with 20 or more IAR applicants, who are currently registered on CRD with your firm in another capacity (e.g., GS, AG, RA in another jurisdiction) and who satisfy NY’s RA exam or exam waiver requirements, may take advantage of this process.

FINRA highly recommends firms utilize NY’s offline mass registration process to obtain RA registration in NY, in lieu of filing online through CRD, FINRA Gateway, or via Web EFT. By utilizing this off-system process, firms can ensure that NASAA’s Series 65 examination windows/enrollments will not systematically generate in CRD for those individuals who may otherwise be waived by NY from taking (or re-taking) the Series 65.