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Section 12 — Application and Annual Fees for Statutorily Disqualified Member Firms, Statutorily Disqualified Applicants for Membership and Member Firms Seeking to Associate with Statutorily Disqualified Individuals

(a) Any member firm, or applicant for membership under NASD Rule 1013 that is subject to a disqualification as set forth in Article III, Section 4 of the By-Laws of the Corporation (1) seeking to enter, or be continued in, membership; or (2) seeking to employ or continuing to employ as an associated person any individual who is subject to a disqualification from association with a member as set forth in Article III, Section 4 of the By-Laws of the Corporation shall, upon the filing of an application pursuant to Article III, Section 3, paragraph (d) of the By-Laws of the Corporation, pay to FINRA a fee of $5,000.00. Any member firm whose application filed pursuant to Article III, Section 3, paragraph (d) of the By-Laws of the Corporation results in a full hearing for eligibility in FINRA pursuant to the Rule 9520 Series, shall pay to FINRA an additional fee of $2,500.00.
(b) Any member firm continuing to employ as an associated person any individual subject to disqualification from association with a member as set forth in Article III, Section 4 of the By-Laws of the Corporation shall pay annually to FINRA a fee of $1,500.00 when such person or individual is classified as a Tier 1 statutorily disqualified individual, and a fee of $1,000.00 when such person or individual is classified as a Tier 2 statutorily disqualified individual.
Amended by SR-FINRA-2018-018 eff. May 30, 2018.
Amended by SR-FINRA-2015-027 eff. Aug. 24, 2015.
Amended by SR-FINRA-2008-001 eff. Jan. 1, 2008.
Amended by SR-NASD-2002-99 eff. Dec. 30, 2002.
Amended by SR-NASD-2002-182 eff. Dec. 24, 2002.
Amended by SR-NASD-2002-98 eff. July 24, 2002.
Amended by SR-NASD-94-57 eff. Oct. 14, 1994.
Amended by SR-NASD-88-3 eff. Feb. 29, 1988.
Adopted by SR-NASD-86-1 eff. Jan. 29, 1986.

Selected Notices: 86-11, 88-15.

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