by Guest » Tue Jan 15, 2013 08:09 pm
Just came across this site when looking for information...
We live in NJ and my husband is employed for a bank where he is planning on getting his series 6 & 63 (I think) licenses in the near future. We are strongly considering bankruptcy however he is worried that filing bankruptcy will bar him from being able to get these licenses. Does anyone know if that's true?
We live in NJ and my husband is employed for a bank where he is planning on getting his series 6 & 63 (I think) licenses in the near future. We are strongly considering bankruptcy however he is worried that filing bankruptcy will bar him from being able to get these licenses. Does anyone know if that's true?
Posted: Wed Jan 16, 2013 08:02 am Post Subject: Bankruptcy and Series 6 & 63 License
The Financial Industry Regulatory Authority (FINRA) acts as independent securities regulator in the U.S. The FINRA By-Law, Article III, provides a list of disqualifying events for an individual, and bankruptcy is not considered as one. So, it apparently won't affect his licensing.
However, can't say how the employer or the bank will look at it.
Posted: Thu Jan 17, 2013 03:18 pm Post Subject:
bankruptcy is not considered as one. So, it apparently won't affect his licensing.
It is still a DISCLOSURE EVENT that must be reported on the Form U-4, and some Broker-Dealers disapprove of it.
While this is not true of all persons, bankruptcy indicates a person may not be managing his/her own money properly. With money trouble comes the temptation to touch other people's money for one's own needs -- otherwise known as theft. That's what goes through the mind of an employer in the securities/financial services industry.
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