Who reports when an IAR exit a firm?

FINRA FINRA Series 66
1

I am a bit confused here. When an agent of a B/D leave a B/D, the agent, the previous and the future firm report to FINRA. Right?

How about an IAR? Who report to the administrator? How about FINRA? Can you clarify this please.

Thanks

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Hi @A11

When an agent of a B/D leave a B/D, the agent, the previous and the future firm report to FINRA. Right?

Yes - all parties report when an agent withdraws their registration, which is covered in this chapter.

How about an IAR? Who report to the administrator? How about FINRA?

This is different for IARs, all of which is covered in this chapter:

IAR representing a state-registered adviser

  • Investment adviser’s (the firm’s) responsibility to notify state administrator

IAR representing a federal covered adviser

  • IAR’s responsibility to notify state administrator

Don’t worry about how FINRA’s process works, as it is not tested on the Series 66.

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so it depends on whether the IAR is fed covered or state then. Right?

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Not to be nitpicky, but it’s more about whether the IAR is quitting a federal covered adviser or a state-registered adviser. There is no such thing as a federal covered IAR. Remember, investment advisers are the firms, and the IARs are the representatives of the firm.

Otherwise, yes. All depends on what type of firm the IAR was working for.

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