SEC Form U-5S

What Was SEC Form U-5S?

SEC Form U-5S was a filing with the Securities and Exchange Commission (SEC) that must be submitted annually by each registered public utility holding company. The form needed to contain information on the parent holding company, every single statutory subsidiary, number of common shares owned, percentage of voting power, and a book value of shares, as well as summaries of acquisitions, sales, officers, directors, contributions, contracts, and financial statements.

The SEC used this information to monitor the holdings, finances, and operations of the registered public utility system.

Understanding SEC Form U-5S

Form U-5S, otherwise called an "annual report," was required under Section Five, Rule One of the Public Utility Holding Company Act of 1935. The act of 1935 regulated the holding companies of electric and natural gas utilities. Form U-5S required specific disclosures of public utility holding companies including nitty gritty information on system companies and investments as well as acquisitions. Form U-5S was committed notwithstanding standard reporting of 10-Qs and 10-Ks for SEC-registered companies.

The act of 1935 was canceled on Aug. 8, 2005, with the death of the Energy Policy Act of 2005. The act of 2005 was fundamentally focused on new tax incentives and loans for the public utility sector. It didn't include provisions for extra U-5S filings inside the public utility sector. Accordingly, the act of 2005 made Form U-5S obsolete.

SEC Form U-5S versus FINRA Form U-5

Financial Industry Regulatory Authority (FINRA) Form U-5 is the Uniform Termination Notice for Securities Industry Registration. Representative vendors, investment advisers, and issuers of securities use Form U-5 to report the termination and firm separation of an individual in the suitable jurisdictions or with a former self-regulatory organization (SRO).

A former employer must file Form U-5 with FINRA any time a registered representative leaves a supporting firm under any circumstance. The form must be filed in something like 30 days of separation. Filers must response all questions and submit all requested information unless in any case directed in the specific instructions for every element of Form U-5. The form is usually filed through FINRA's Web CRD.

There are three types of Form U-5s that can be filed. The date of the U-5 filing can be important because it starts the two-year window for registration maintenance that a representative has accessible in the event that they don't quickly start work with another firm. Once filed, subtleties submitted with the Form U-5 can be subject to background checks and review by FINRA, the SEC, and other closely involved individuals.

3 Types of Form U-5 Filings

1. Full: If an individual is fired, the employer must complete Form U-5 for a full termination. The employer must finish up Section Three, pick yes under full termination, and give the motivation to termination.
2. Partial: A partial termination cuts off the registered representative's friendship with chose SROs or in chose jurisdictions. The employer must complete Section Five of Form U-5, which includes Section 5A: SRO Partial Termination and Section 5B: Jurisdiction Partial Termination.
3. Amendment: An amendment Form U-5 can be filed to make updates to an initially filed Form. Sections that can be amended include disclosure, date of termination, the justification for termination, and residential information.

Sections of Form U-5

Coming up next are the various sections that should have been completed on Form U-5.

1. General information
2. Current residential location
3. Full termination
4. Date ended
5. Partial termination
6. Affiliated firm termination
7. Disclosure questions
8. Signature
9. Disclosure reporting pages

Features

• The SEC additionally required disclosure of acquisitions, sales, officers, directors, contributions, contracts, and financial statements.
• SEC Form U-5S was a filing with the U.S. Securities and Exchange Commission (SEC) that was required to be filed annually by each registered public utility holding company.
• The Public Utility Holding Company Act of 1935, which required Form U-5S was revoked in 2005 with the death of the Energy Policy Act of 2005, which made Form U-5S obsolete.
• The form required information on the parent holding company, every single statutory subsidiary, number of common shares owned, percentage of voting power, and a book value of shares
• Former form U-5S should not be confused with Financial Industry Regulatory Authority (FINRA) Form U-5, which is the Uniform Termination Notice for Securities Industry Registration that requires specialist vendors, investment advisers, and issuers of securities to file while firing an employee.