Co-authored by Avi Badash.
The Financial Industry Regulatory Authority has issued Regulatory Notice 11-51 to advise firms that the Preliminary Renewal Statements are available online on FINRA’s Web CRD/IARD. The Preliminary Renewal Statements include a list of renewal fees, including: Web CRD system processing fees; FINRA branch office fees; FINRA branch renewal processing fees; maintenance fees for the various exchanges; state agent renewal fees; state broker dealer renewal fees; state broker dealer branch fees; investment adviser firm and representative renewal fees; and broker-dealer and/or investment adviser branch renewal fees. Full payment of the firms’ Preliminary Renewal Statements must be received by FINRA no later than December 12, 2011. Firms may pay by check, wire transfer, or the Web CRD/IARD E-Pay application. FINRA will automatically transfer funds from a firm’s daily account to its renewal account if the firm has not paid by December 12, provided there are sufficient funds in the daily account to cover the amount due. Failure by a firm to remit full payment of its Preliminary Renewal Statements to FINRA by December 12, 2011, may cause the firm to become ineligible to do business in the jurisdictions where it is registered, effective January 1, 2012. If a firm wishes to transfer funds between affiliated firms, the firm should submit a Web CRD/IARD Account Transfer Form available on FINRA’s website.
On January 3, 2012, FINRA will make available all Final Renewal Statements on Web CRD/IARD. These statements reflect the status of broker-dealer, registered representative, investment adviser firm and investment adviser representative registrations and/or notice filings as of December 31, 2011. Any adjustments in fees owed resulting from registration terminations, approvals, notice filings or transitions after the Preliminary Renewal Statement appear on the Final Renewal Statement in Web CRD/IARD. Firms will have until February 3, 2012, to report any discrepancies on the renewal reports and to pay any necessary adjustments. FINRA advises that specific information and instructions concerning the Final Renewal Statement and renewal reports will be available in a January 2012 Regulatory Notice.
Click here to read Regulatory Notice 11-51.