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would like to get answer from an attorney with securities experience if possible*I have a question that I am asking for my spouse. She is in the investment securities business and has a U4. She is in a very sales related role and has decided she wants to do something different in the industry. She was offered a role with a new firm that would be a step up and less stress. At her current firm they put her on a performance plan because she didn't hit her sales goals last quarter and she decided the day to day stress is to much. Anyway she is preparing to resign but wants to make sure nothing will happen to her U4 since she is resigning on her own. Wanted to know if she should be concerned about anything.Thanks
Submitted: 6 months ago.Category: Employment Law
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Answered in 16 minutes by:
11/16/2017
Employment Lawyer: Edward Young,
 replied 6 months ago
Edward Young
Category: Employment Law
Satisfied Customers: 395
Experience: Principal Attorney at The Law Offices of Edward D. Young, III
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Hi. My name is ***** ***** I am a licensed attorney. I would be happy to provide assistance. Please give me a moment to formulate a response. Also, please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Employment Lawyer: Edward Young,
 replied 6 months ago

Your wife needs to be careful how she characterizes her resignation. She should answer no on Item 14J. I am going to quote some language and give you a link so that you can read it for yourself:

The first step in deciding how to leave a job is to learn the language of the regulators. A termination does not mean you were fired. That term covers three separate situations:

1) A “voluntary resignation,” meaning you quit;

2) A “discharge,” meaning you were fired;

3) “Permitted to resign,” meaning you quit before they fired you.

The reason the definition of termination matters is because many reps believe (erroneously) that a termination results in a permanent “yes” answer on the Uniform Application for Securities Industry Registration or Transfer (U4)…and that no one will ever hire them again, and that the regulators will treat them as a Statutorily Disqualified individuals, and on and on.

In fact, Item 14J on the U4 leaves significant wiggle room on the matter of leaving a firm. Here is what the item specifically says:

Item 14J: Termination Disclosure

14J. Have you ever voluntarily resigned, been discharged or permitted to resign after allegations were made that accused you of:Violating investment-related statutes, regulations, rules, or industry standards of conduct?

1. Fraud or the wrongful taking of property?

2. Failure to supervise in connection with investment-related statutes, regulations, rules or industry standards of conduct?

Notice that Item 14J only requires a “yes” answer if you were terminated after “allegations were made that accused you of …” the circumstances set forth in 14J(1), (2), and (3). Consequently, if you quit or were fired before any of the defined allegations were made, you have no obligation to respond “yes” in this section.

[Cite: http://www.wealthmanagement.com/archive/quit-or-not-quit-question-item-14j ]

I hope this helps.

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Customer reply replied 6 months ago
Thanks for the info. I think her biggest question is if she resigns based on the info. How will her current firm code the ending of her employment?
Customer reply replied 6 months ago
She just wants to be sure it isn't coded as "permitted to resign" she is putting her notice in.
Customer reply replied 6 months ago
It's the performance plan they have her on now that she just wants to be sure on. Wants to be sure that wouldn't lead to her being marked as permitted to resign
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