License Transfer

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Jan 3, 2009 4:29 pm

How does it work when you change firms?  Does the old firm transfer your licenses to the new firm and can they refuse to do it until you pay back the training cost?

Jan 3, 2009 6:15 pm

To the best of my knowledge, your new firm can license you immediately with a temporary license while it is moved over from your previous firm.  Your previous firm can’t hold your license to force the repayment of training costs.  They can however, seek a temporary restraining order to prohibit you from doing business if you solicit your clients - auumuing of course that you signed a non solicit.

Jan 3, 2009 6:18 pm

I read in some marketing materials that i got from a indie b/d that if you have any dings/yes answers on your u-4 then FINRA has to review and approve the license transfer and it can take 2-4 weeks. Anyone have any experience with that? I cant imagine moving and not being able to talk to clients for that long.