Need to submit fingerprints for a FINRA Registration?

Be aware…

Due to the COVID-19 outbreak, the SEC issued the March 20 Order providing temporary relief from the fingerprinting requirements of Section 17(f)(2) of the Exchange Act. This temporary relief order has since been extended until the date to be specified in a public notice from Commission staff specifying the Termination Date.

Whether they choose to apply for this exemption or not, affected individuals must eventually comply with FINRA Rule 1010(d). Which requires members to submit fingerprint information for an individual applicant no later than 30 days after FINRA receives the applicant’s Form U4.

To expedite this process, FINRA now accepts both:

Traditional ink fingerprint cards, which must be mailed to FINRA then manually scanned and transmitted to the FBI for processing

And

Electronic Fingerprint Submissions, which involves having fingerprints captured via an electronic scan and then transmitted directly to FINRA. This streamlined process is more cost-effective than the traditional method, and results will post on WebCRD within 72 hours of submission

Safe Scan Fingerprinting can provide either option!

Due to our acquisition of Live Scan fingerprint labs and authorization to transmit fingerprints to FINRA, we are one of a few companies in Georgia providing safe, secure fingerprint submissions in our office or at a location of your choice. Our experienced Fingerprint Technicians will be happy to provide efficient, professional service for either an individual or any-sized group sessions.

To fully understand how this works, allow us to explain the

5 Ws of FINRA Fingerprint Registration Submissions

(source: FINRA.org)

 

WHO

Is required to submit fingerprints to FINRA?

The SEC requires firms to submit fingerprints for all partners, directors, officers, and employees, unless they are exempt under Section 17(f)(2) of the Securities Exchange Act of 1934 and Rule 17f-2. Rule 17f-2 exempts employees from fingerprinting who do not:

  • Sell securities.
  • Regularly have access to the keeping, handling, or processing of securities, monies, or the original books and records relating to the securities or monies.
  • Have direct supervisory responsibility over those who sell securities or have access to securities, monies, or the original books and records.

Is authorized to submit fingerprints electronically to FINRA?

In order to submit electronic fingerprints directly to FINRA, fingerprint service providers must either:

  1. become certified by FINRA to submit their firm’s fingerprints electronically, or
  2. select a commercial vendor certified by FINRA to submit electronic fingerprints on behalf of their firm.

WHAT

Information is required when submitting fingerprints to FINRA?

During your registration process, you will be asked to supply the following information as required for every fingerprint submission:

  • Employer’s name, address, and Org ID
  • Individual’s Name
  • Individual’s CRD number (if applicable)
  • US Social Security Number (required only if applicable, do not provide foreign or TIN)
  • Date of Birth
  • Place of Birth (including state if within the United States)
  • Sex
  • Height
  • Weight
  • Hair Color
  • Eye Color
  • Individual’s signature (Hard Copy)

Happens if fingerprints are not submitted to FINRA on time?

In compliance with the Securities Exchange Act (SEA) of 1934, if the firm does not submit the fingerprints within the 30-day timeframe, the individual’s registration status will be set to “Inactive Prints”. Business activities requiring a securities registration must be suspended while an individual’s registration is inactive. Individuals who remain “Inactive Prints” for two years will have their registrations terminated with the status “Terminated No U5”.

WHEN

Must fingerprints be submitted to FINRA?

When a firm submits a Form U4 for an individual requesting registration with a fingerprint-participating SRO, the firm has 30 days from the filing date to submit fingerprints for the individual.

Will FINRA complete my fingerprint renewal process?

The FBI’s turnaround time is 24-72 hours after receipt, although most prints will come back within 24 hours. Results will be made available in Web CRD/FPRD to entitled users with your firm.

Safe Scan Fingerprinting’s Live Scan technology can immediately transmit scanned fingerprints for processing by the FBI.

Can I schedule an appointment to have my fingerprints submitted to FINRA?

Safe Scan Fingerprinting is open for business Mon-Fri, 9am to 5pm EST. You can click here at any time to schedule an appointment online, or give us a call at (770) 240-0929 during normal business hours.

WHERE

Do I need to go to receive services?

Safe Scan Fingerprinting’s unique service model provides 2 convenient options to choose from:

  1. You Can Come to Us– we maintain a safe, hygienic office located at 1341 Canton Road, Suite H, Marietta, GA 30066.
  2. We Can Come to You – our mobile on-site service option provides a trained fingerprint technician who will bring a state-of-the-art portable fingerprint lab to a location of your choice, anywhere in the Georgia service area.

WHY

Might FINRA be unable to process a fingerprint submission?

Fingerprint submissions are rejected if they are found to be illegible. FINRA will not return illegible/rejected fingerprints to firms. When an illegible/rejected fingerprint-status is posted to Web CRD, the registration status is automatically changed from “Approved Pending Results” back to “Approved Pending Prints” and the 30-day clock is reset.

Safe Scan Fingerprinting’s experienced fingerprint technicians and innovative Live Scan technology have earned us one of the lowest fingerprint rejection rates in the region.How To Obtain or Renew My Florida License In Georgia: The 5 W’s of FDLE Submissions

Should I contact Safe Scan Fingerprinting to submit my fingerprints to FINRA?

Accessibility. We are one of a very few companies in the region authorized to submit fingerprints to FINRA.

Experience.  Our fingerprint technicians are all former law enforcement professionals.

Accuracy. We hold one of the lowest fingerprint rejection rates in Georgia.

Convenience. Our mobile on-site service option allows us to provide this service at a location of your choice.