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94-11 Special Registration Review Surcharge Takes Effect March 1, 1994


Senior Management
Legal & Compliance

Executive Summary

Beginning March 1, 1994, the NASD will assess an $85 surcharge on all initial and transfer Form U-4 filings that require a Special Registration Review (SRR) of information reportable on Page 3 of this Form.


During 1993, the NASD Finance Committee formed the Rate Review Subcommittee to review its fee and assessment structure and align, wherever possible, revenues with the cost of providing services to members. This Subcommittee recommended to the Finance Committee, and the NASD Board approved, an $85 surcharge on all initial and transfer Form U-4 filings that require a special review of information reportable on Page 3 of Form U-4.

This surcharge is to offset the cost of performing detailed reviews of disclosure information as part of Central Registration Depository (CRD) processing as well as to maintain the CRD disciplinary database. This review and maintenance includes processing Forms U-4 and U-5, as well as amendments thereto, processing criminal actions received under the fingerprint program, and processing disciplinary actions taken by states, self-regulatory organizations, and the Securities and Exchange Commission. In addition, CRD provides information regarding disclosure to regulatory participants, including documentation and analytical reports used in their registration and enforcement functions.

The $85 surcharge will take effect on March 1, 1994, for all initial and transfer filings that either have a "Yes" answer to Item 22 of Form U-4, or for which information exists in the CRD data base that would require a "Yes" answer to Item 22 regardless of how it is answered. Form U-4 amendments and all Form U-5 filings will continue to be processed without an additional charge for an SRR.

Questions regarding this Notice may be directed to the NASD Member Services Phone Center at (301) 590-6500.

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