Investment Company and. Variable Contracts Products Principals (Series 26) Practice Exam

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If a firm is requested to provide Form U-5, who must they obtain it from if it is not available through the employee?

FINRA's Web CRD
Another registered person
Any regulatory body
Internal records department

The correct answer is: FINRA's Web CRD

When a firm is requested to provide Form U-5 and it is not available directly from the employee, the firm should obtain it from FINRA's Web CRD (Central Registration Depository). Form U-5 is used by firms to terminate the registration of a registered person, and FINRA's Web CRD acts as a central database for registration information regarding brokers and their employment history. The importance of obtaining Form U-5 from the Web CRD lies in the fact that this resource maintains comprehensive and up-to-date records of all registered individuals' employment history and termination details. By utilizing the Web CRD, the firm ensures they are accessing the most accurate and official documentation related to the individual’s registration status and any previous employment records. Other potential sources may not provide the required documentation or could lead to discrepancies in the information available. Thus, using the comprehensive and centralized database of the Web CRD is the most reliable approach for firms to fulfill such requests accurately.