What Is FINRA CRD? Guide to the Central Registration Depository
Sep 28, 2025
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10 min read
Contents
For broker-dealer firms entering the US market, few systems are as important as the FINRA CRD. It is the first place where registration activities begin, and it remains central throughout a firm’s compliance lifecycle.
In this guide, we explain what the FINRA CRD is, how it works, and why it matters for firms navigating broker-dealer registration.
You will learn what information it contains, the filings that flow through it, and how regulators and the public use its data. We also highlight compliance requirements, common challenges, and recent updates that affect how firms interact with the system.
InnReg is a global regulatory compliance and operations consulting team serving financial services companies since 2013. If you need assistance with compliance or fintech regulations, click here.
What Is the FINRA’s Central Registration Depository (CRD)?
The FINRA CRD (Central Registration Depository) system is the official database that stores registration and licensing information for the US securities industry. It contains records for broker-dealer firms and their registered representatives. This system captures every filing made to register, update, or terminate a securities professional.
The Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC), and state securities regulators operate this system. The CRD was created to give regulators and firms a unified platform for managing registration data, qualifications, and disclosure histories. It replaced fragmented state-by-state filing processes with a centralized system that regulators and firms alike can access.
The FINRA CRD is more than an administrative tool.
For broker-dealers, it is the gateway to operate and supervise registered representatives, while for regulators, the CRD provides a single source of truth for oversight, background checks, and enforcement.
As the CRD tracks both qualifications and disclosures, it plays a central role in investor protection and market integrity. For fintech firms entering regulated markets, the FINRA CRD is where the registration process begins and where they monitor compliance obligations throughout the life of the business.
How the FINRA CRD Works
When a broker-dealer registers or updates its records, the firm submits forms such as Form U4, Form U5, or Form BD through the system. That information flows to FINRA, the SEC, and state regulators, who can review records in real time.
The database holds extensive details, including personal identifiers, licenses, exam results, disciplinary disclosures, and firm-level information like ownership and supervisory structures.
The FINRA CRD also integrates with related processes, such as fingerprinting for background checks and exam providers for qualification tracking.
Historically, firms have accessed this database through the Web CRD, FINRA’s electronic filing platform. The Web CRD is the interface, not the database itself. It provides the tools firms need to submit filings, pay fees, and monitor registrations. Today, FINRA is gradually transitioning users to the FINRA Gateway, a newer platform designed to replace the Web CRD with a more modern, task-focused interface. Notably, the CRD database remains the core system of record: what’s changing is the interface firms use to interact with it.
Entities and Individuals Covered by the FINRA CRD
The FINRA CRD captures and manages records from multiple stakeholders who interact with regulators. For fintech companies, this means the CRD touches different parts of the business depending on the licenses and activities involved.
The CRD maintains records for:
Registered Representatives (Brokers): Individual professionals who must pass FINRA qualification exams and maintain active registrations.
Broker-Dealer Firms: Legal entities engaged in securities transactions, including their branch offices and supervisory structures.
State Regulators and FINRA Members: Agencies and regulators who use the CRD to monitor compliance, review filings, and coordinate oversight.
Key Forms and Filings in the FINRA CRD
The FINRA CRD system relies on standardized filings, known as the Uniform Forms, to capture information from firms and individuals. These forms are submitted electronically and become part of the permanent registration record.
Form | Purpose |
|---|---|
Form U4 | Registers individuals with FINRA, the SEC, and state regulators |
Form U5 | Terminates registration of individuals leaving a firm |
Form BD | Registers broker-dealer firms with the SEC, FINRA, and state regulators |
Form U4 (Registration of Individuals)
Form U4 is used to register individuals with FINRA, the SEC, and state regulators.
It captures personal identifying details, 10 years of employment history, qualification exams, and licensing requests. Importantly, it also records disclosures, including customer complaints, criminal charges, financial events like bankruptcies, and regulatory sanctions.
Filing Form U4 is often the first step when bringing a new registered representative into a firm. Because it becomes part of the individual’s permanent CRD record, accuracy and completeness are critical.
Form U5 (Termination of Individuals)
Filed when a registered individual leaves a firm, Form U5 provides details of the termination date, the reason for departure, and whether it involved allegations of misconduct. The content of a U5 filing can significantly impact an individual’s career, since it becomes visible to future employers and regulators through the CRD.
For firms, timely filing is mandatory, and failing to update the CRD within 30 days can trigger late fees or regulatory action.
Learn about FINRA Form U5 filing requirements and tips in our article →
Form BD (Registration of Broker-Dealers)
This form is used to register a broker-dealer firm with the SEC, FINRA, and relevant state regulators. It requires disclosures about ownership and control persons, business lines, and disciplinary history.
Form BD sets the foundation for how a broker-dealer operates in the market. Once filed, it forms the firm’s master record in the CRD, which regulators rely on to monitor operations and compliance over time.
Learn more about Form BD in our article →
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Each of these forms plays a distinct role, but together they create a unified registration and disclosure record within the CRD. For fintech, it is essential to remember that every filing, whether onboarding, updating, or terminating, feeds into a system that regulators and the public use to evaluate firms and individuals.
Amendments and Updates
Firms are required to keep registrations current and file amendments whenever information changes. This includes updates to personal details, employment history, business activities, or disclosures such as new customer complaints, criminal charges, or financial events.
Most updates must be filed within 30 days of the firm becoming aware of the change. Failing to do so can lead to late fees, regulatory scrutiny, or disciplinary action. Even minor updates, like changes to an individual’s residential address or outside business activity, need to be reported through the CRD.
See also:
Accessing FINRA CRD Information
The FINRA CRD can be accessed in different ways depending on who is using it and for what purpose. Firms and regulators have one level of access, while the investing public has another:
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Web CRD for Firms and Regulators
Firms use the Web CRD (and increasingly, FINRA Gateway) to file registration forms, pay fees, and monitor their employees’ licensing, continuing education, and disclosure status.
Regulators use the same system to review filings, track continuing education, and coordinate oversight across jurisdictions. Access is restricted to authorized users with FINRA Entitlement accounts.
Public Access via BrokerCheck
Investors and clients can access certain information through FINRA’s BrokerCheck. This tool pulls selected data from the CRD, such as employment history, licenses, and disclosure events, and makes it publicly available.
BrokerCheck reports cover both firms and individual representatives, giving the public a way to research the background of professionals and organizations.
Not all CRD data is visible to the public. Personal identifiers such as Social Security numbers, residential addresses, and fingerprint results remain confidential and accessible only to regulators. What becomes public are disclosures related to regulatory actions, customer complaints, arbitrations, and certain financial events.
For firms, this means that any disclosure filed in the CRD has a potential reputational impact once it appears on BrokerCheck.
Using the FINRA CRD for Compliance
The FINRA CRD system is not just a database. It is a central part of ongoing compliance obligations. Every firm that registers with FINRA or state regulators relies on the CRD to manage licensing, disclosures, and filings.
Registration Requirements and Deadlines
When firms bring on new representatives or expand into new jurisdictions, they must promptly file this information into the CRD. Most updates, including amendments to personal details or disclosure events, must be filed within 30 days of the firm learning of the change.
Missing deadlines can trigger automatic late fees and regulatory scrutiny.
Reporting Events
FINRA requires firms to disclose disciplinary actions, customer complaints, regulatory sanctions, criminal matters, and financial events such as bankruptcies or liens to the CRD.
These filings often involve sensitive information, but regulators expect complete accuracy. Once recorded, many disclosures become visible through BrokerCheck, meaning they carry both regulatory and reputational consequences.
Consequences of Inaccurate or Late Filings
Incomplete, inaccurate, or late filings are taken seriously by regulators. Penalties can range from monetary fines to enforcement actions that affect a firm’s ability to operate. Even minor updates, such as changes to outside business activities or an employee’s residential address, must be kept current in the CRD.
Learn more about FINRA disciplinary actions in our article →
For fintech compliance officers, the practical challenge lies in monitoring information flow across fast-moving teams. Building structured processes to capture changes, coordinate with operations, and file updates quickly is essential. Some firms rely on compliance technology or outsourced compliance partners to manage CRD obligations more effectively.
See also:
FINRA CRD vs. Other Regulatory Databases
The FINRA CRD is the primary system for broker-dealer registration, but it is not the only regulatory database fintech firms may need to navigate. Understanding how the CRD compares with other systems helps avoid confusion and duplicate effort.
CRD vs. IARD (Investment Adviser Registration Depository)
The CRD manages registrations for broker-dealers and their representatives, while the IARD (also operated by FINRA) handles investment advisor firms and their representatives.
The two systems are closely linked, and many individuals and firms appear in both. For example, a fintech professional registered as both a broker and an advisor will have a CRD number that connects to records in both systems.
The CRD and the SEC’s EDGAR System
While the CRD focuses on licensing and disclosures for industry participants, EDGAR is the SEC’s system for company filings such as registration statements, financial reports, and disclosures for public companies.
A broker-dealer or advisor might have obligations in both systems, but the content and purpose are distinct: the CRD records licensing and compliance status, whereas EDGAR publishes financial and corporate information for investors.
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Though separate, firms often use these databases in parallel. A fintech launching a broker-dealer and a registered investment advisor, for example, would file Form BD in the CRD and Form ADV in IARD, while also monitoring SEC reporting obligations in EDGAR if the company goes public or issues securities.
Best Practices for Managing FINRA CRD Filings
Working with the FINRA CRD system is an ongoing process, not a one-time registration. For fintech firms moving quickly, the challenge is balancing growth with regulatory requirements.
The following practices help maintain compliance while mitigating the risk of errors:
Keep Records Accurate and Updated: Accuracy is essential because CRD data is shared with regulators and, in many cases, the public. Firms should implement clear internal workflows to capture any changes (new disclosures, updated job roles, or address changes) and file amendments within the required 30-day window.
Coordinate Compliance and Operations Teams: Information for CRD filings often originates outside compliance. HR, finance, and operations teams may hold critical details that need to be disclosed. Creating a communication channel between compliance and these functions reduces the chance that updates are overlooked or filed late.
Leverage Compliance Software Tools: Many firms rely on compliance software to track filing deadlines, monitor employee registrations, and flag upcoming continuing education requirements. Integration with the CRD (through Web CRD or FINRA Gateway) can streamline reporting and provide reminders before deadlines. For fintechs with lean compliance staff, outsourcing to a compliance partner can provide similar structure and support.
Review and Audit Regularly: Firms should periodically review CRD records to confirm they reflect its current state and representatives. Internal audits, or support from an outsourced compliance team, help identify gaps before they escalate into regulatory findings.
When implementing these practices, the key is building repeatable processes that keep the firm in good standing while freeing leadership to focus on innovation.
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The FINRA CRD system is the foundation of how broker-dealers, investment advisors, and their representatives interact with regulators. For fintech firms, it is often the first regulatory platform they encounter, and it remains central throughout the firm’s lifecycle.
The CRD keeps records accurate, accessible, and comparable across regulators, while BrokerCheck makes parts of that information visible to the public. This dual role means firms must treat CRD filings as both a regulatory obligation and a reputational consideration.
How Can InnReg Help?
InnReg is a global regulatory compliance and operations consulting team serving financial services companies since 2013.
We are especially effective at launching and scaling fintechs with innovative compliance strategies and delivering cost-effective managed services, assisted by proprietary regtech solutions.
If you need help with broker-dealer compliance, reach out to our regulatory experts today:
Published on Sep 28, 2025
Last updated on Sep 28, 2025
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