Series 7: 18.3.4. Statutory Disqualification

Taken from our Series 7 Online Guide

18.3.4. Statutory Disqualification

The Exchange Act requires FINRA to disqualify a person or member firm from participating in the securities industry if that person or firm:

• Has been expelled or suspended from membership in any self-regulatory organization, domestic or foreign, or denied trading privileges anywhere

• Has been barred or suspended from associating with a member of any self-regulatory organization

• Has been found by their conduct while associated with a broker-dealer to be a cause of any effective suspension or expulsion of another broker or dealer

• Has associated with any person known to have been expelled or suspended or to have caused the same of another broker or dealer

• Has been subject to temporary and permanent injunctions (regardless of their age) issued by a court of competent jurisdiction involving a broad range of unlawful investment activities

• Has felony criminal convictions within the past 10 years (from the

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