FINRA By-Laws Article V, Section 2(c): applications for registration must be kept current at all times and amendments must be filed within 30 days of learning facts or circumstances giving rise to the amendment.FINRA Rule 1122: prohibits associated persons from filing information that is incomplete or inaccurate or failing to amend an incomplete or inaccurate filing after receiving notice of the need for the amendment.The Uniform Application for Securities Industry Registration or Transfer ('Form U4") Questions 14A(1) and 14B(1) : require registered representatives to disclose any conviction or charge of a felony or of certain specified misdemeanors (among which are the wrongful taking of property).FINRA Rule 2010: registered representatives shall observe high standards of commercial honor and just and equitable principles of trade.
SIDE BAR: On December 27, 2012, Torres completed and signed a Compliance Policies and Procedures Acknowledgment Form, acknowledging that he would notify the firm immediately about any issue that would require an amendment to his Form U4. Torres failed to disclose his September 2012 felony charges to TIAA-CREF, and failed to amend his Form U4 to reflect the felony charges. Torres also failed to disclose his June 2013 guilty plea and misdemeanor conviction to the firm.
I understand that this settlement includes a finding that I willfully omitted to state a material fact on a Form U4, and that under Section 3(a)(39)(F) of the Securities Exchange Act of 1934 and Article III, Section 4 of FINRA's By-Laws, this omission makes me subject to a statutory disqualification with respect to association with a member.