FINRA Form U6, the Uniform Disciplinary Action Reporting Form, is the document regulators use to report disciplinary actions and arbitration awards against broker-dealers and the people associated with them. It is filed by an outside authority — the SEC, FINRA, a state securities regulator, or a national exchange — and the broker or firm named on it has no control over what it says.1FINRA. Registration Forms – Section: Regulator Forms Once submitted, the entry becomes part of a permanent professional record that feeds the public BrokerCheck database and can trigger consequences that reach from hiring friction to disqualification from the industry.
Who Files Form U6
Form U6 is not something a broker-dealer or individual representative fills out. Regulators file it after they take a formal action or after an arbitration proceeding produces a final award. The SEC, FINRA, state securities commissions, and national securities exchanges all use the form when they bring enforcement actions against individuals or firms under their jurisdiction.2FINRA. Form U6 FINRA also files U6 entries to record final arbitration awards against broker-dealers and associated persons, including customer-versus-broker disputes rather than only enforcement matters.
That is what sets Form U6 apart from its better-known relatives. Form U4 is the application a firm uses to register an individual, with self-reported disclosures about the person’s background. Form U5 is the termination notice a firm files when an individual leaves, which can include the firm’s own characterization of the departure.3FINRA. Registration Forms Form U6 reflects the conclusions of an independent oversight body. The person named on it cannot edit the language or soften the findings.
What Shows Up on a U6 Filing
A Form U6 filing documents the core facts of a regulatory action or arbitration award. The reporting authority identifies itself, names the individual or firm, describes the proceeding, and captures the specific violations or rules at issue, the findings reached, and any sanctions imposed.
Sanctions vary widely by violation type and severity. FINRA’s Sanction Guidelines are not rigid schedules; they provide recommended ranges that adjudicators can adjust based on aggravating and mitigating factors.4FINRA. Sanction Guidelines – FAQ Every sanction on a U6 filing reflects a case-specific determination. For arbitration awards, the filing records the final outcome, typically the dollar amount awarded and the parties involved. Regulatory disciplinary actions and arbitration awards sit alongside each other in the same record, so anyone searching a broker sees both categories of adverse history in one place.
How U6 Filings Appear on BrokerCheck
Information filed on Form U6 flows directly into BrokerCheck, FINRA’s free public tool for researching brokers and firms. Anyone can search by name or firm at brokercheck.finra.org and pull up employment history, licensing information, regulatory actions, arbitrations, and complaints.5FINRA. About BrokerCheck – Section: Where BrokerCheck Information Comes From
Under FINRA Rule 8312, BrokerCheck releases information from the most recently filed Forms U4, U5, U6, BD, and BDW.6FINRA. 8312. FINRA BrokerCheck Disclosure Some material is withheld: Social Security numbers, residential addresses of private-residence branch offices, and information FINRA is prohibited from releasing under federal law. BrokerCheck also excludes regulatory investigations or proceedings that were vacated or withdrawn by the initiating authority, plus entries FINRA determines were reported in error.
BrokerCheck does not show a person’s entire legal history. It omits civil litigation unrelated to investments, civil protective orders, and criminal matters other than felonies or investment-related misdemeanors involving theft or breach of trust. What appears is specifically securities-related adverse history, and U6 entries are a core part of it.
Consequences of Being Named on a U6
A U6 entry is more than a mark on a resume. Depending on the action, it can carry formal legal consequences that limit or end a person’s ability to work in the securities industry.
Statutory Disqualification
Under Section 3(a)(39) of the Securities Exchange Act of 1934, certain events create a statutory disqualification, meaning the person is presumptively barred from associating with any FINRA member firm. Disqualifying events include all felony convictions and certain misdemeanor convictions within ten years of the conviction date, court injunctions related to unlawful securities activities regardless of age, bars or expulsions from any self-regulatory organization, and bars ordered by the SEC or CFTC.7FINRA. General Information on Statutory Disqualification and FINRA’s Eligibility Proceedings Final orders from state securities commissions or banking authorities that bar association, or that are based on fraudulent or deceptive conduct, also qualify.
Statutory disqualification is not always permanent. FINRA runs an eligibility proceeding through which a disqualified person can apply to re-enter the industry under a sponsoring firm, subject to heightened supervision. The burden is on the applicant, and many never clear it.
Bad Actor Disqualification Under Rule 506
Disciplinary actions reported on Form U6 can also block securities offerings. Under Rule 506(d) of Regulation D, an issuer cannot rely on the Rule 506 exemption for private placements if any “covered person” has a disqualifying event, which includes relevant regulatory orders, bars, and certain criminal convictions.8eCFR. 17 CFR 230.506 – Exemption for Limited Offers and Sales Without Regard to Dollar Amount of Offering Covered persons include the issuer’s directors, executive officers, 20-percent beneficial owners, promoters, investment managers of pooled funds, and anyone compensated for soliciting investors.9U.S. Securities and Exchange Commission. Disqualification of Felons and Other Bad Actors from Rule 506 Offerings and Related Disclosure Requirements
A disciplinary action on a U6 record can therefore prevent firms associated with that person from conducting exempt offerings. That consequence extends past the individual and gives firms strong reason to distance themselves from someone carrying that kind of history.
Challenging or Adding Context to a U6 Entry
Because the named person didn’t write the filing, the ways to push back are limited but real. The right path depends on whether you’re currently registered and whether you want full removal or just context.
Expungement Under FINRA Rule 2080
To actually remove customer dispute information from the CRD system, FINRA Rule 2080 requires a court order, either one that directly orders expungement or one that confirms an arbitration award granting expungement relief. FINRA must be named as an additional party in the court proceeding and served with all documents, unless it grants a waiver.10FINRA. 2080. Obtaining an Order of Expungement of Customer Dispute Information from the Central Registration Depository (CRD) System
FINRA will waive the naming requirement only when the expungement is based on a finding that the claim was factually impossible or clearly erroneous, that the registered person was not involved in the alleged misconduct, or that the claim was false. Outside those three grounds, FINRA may grant a waiver only under “extraordinary circumstances” where it determines the expungement is meritorious and would not harm investor protection or the integrity of the CRD system.
Arbitration-Based Expungement Under Rule 13805
When expungement is pursued through FINRA arbitration rather than directly in court, Rule 13805 adds procedural requirements. A three-person panel selected under Rule 13806 conducts the hearing, and the person seeking expungement must appear in person or by video conference.11FINRA. 13805. Expungement of Customer Dispute Information from the Central Registration Depository (CRD) System The hearing is recorded. If a state securities regulator notifies FINRA of its intent to participate, the panel must allow it. If the requester withdraws or fails to appear, the panel denies the request with prejudice, and it cannot be refiled.
Rule 13805 was amended effective October 16, 2023. Under transition provisions, individuals have limited windows to file expungement requests for older disclosures: two years from that date for disputes that closed on or before October 16, 2023, and three years for customer complaints initially reported to the CRD on or before that date. Both windows are subject to a six-year overall eligibility limit.
Broker Comments on BrokerCheck
If you’re no longer registered and full expungement isn’t realistic, FINRA lets unregistered individuals with available BrokerCheck reports submit a Broker Comment, a first-person narrative statement that appears alongside the disclosed information. The comment must address information actually disclosed through BrokerCheck and cannot contain confidential, identifying, offensive, or defamatory language.12FINRA. Guidelines for Broker Comments on BrokerCheck
To submit one, print, sign (electronic signatures are not accepted), and scan the Broker Comment Request Form, then email it with supporting documentation to brokercheckdispcomm@finra.org. FINRA posts qualifying comments within about 30 business days. The comment stays visible as long as the BrokerCheck report is public. If you become registered again, the Broker Comment is removed, and additional context has to come through an amended Form U4 instead. Currently registered individuals cannot submit a Broker Comment at all; their only avenue is a Form U4 update.