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94-2 1993-94 Renewal Rosters and Final Adjusted Invoices


Senior Management
Legal & Compliance

Executive Summary

The 1993-94 NASD broker/dealer and agent registration renewal cycle begins its second phase this month. The NASD is publishing information in this Notice to assist members in reviewing, reconciling, and responding to the Final Adjusted Invoice packages that are being mailed to all member firms in mid-January.

Final Adjusted Invoice Packages

On or about January 17, 1994, the NASD will mail final adjusted invoices and renewal rosters to all NASD member firms. The invoice will reflect the year-end 1993 total fees for NASD personnel assessments, NASD branch-office assessments, New York Stock Exchange (NYSE), American Stock Exchange (ASE), Chicago Board Options Exchange (CBOE), Pacific Stock Exchange (PSE), and Philadelphia Stock Exchange (PHLX) maintenance fees, state agent renewal fees, and state broker/dealer renewal fees. It will also reflect member payment of the initial renewal invoice mailed in November 1993.

The final invoice will include a renewal roster that lists each firm's NASD and, if applicable, NYSE-, ASE-, CBOE-, PSE-, and PHLX-registered personnel as of year-end 1993. In addition, the roster will list alphabetically all firm agents whose state registrations were renewed. Firms with registered branch offices that were active as of December 31, 1993, will receive a branch-office roster and the agent roster.

A member's final invoice will reflect an "amount due," a "credit due," or a "zero balance due." If a firm's year-end 1993 total of NASD, NYSE, ASE, CBOE, PSE, PHLX, and state renewal fees exceeded the firm's payment submitted in response to the initial renewal invoice, the NASD paid the balance due at year-end for the member and will mail an "amount due" invoice to collect that sum.

If your invoice reflects an amount due, please submit payment in the form of a check payable to the National Association of Securities Dealers, Inc. The check should be drawn on the member firm's bank account, with the firm's Central Registration Depository (CRD) number included on the check. Submit the check along with the top portion of the invoice and mail it in the return envelope provided. Payments must be received by the NASD no later than March 11, 1994.

If the firm's payment submitted in response to the initial renewal invoice exceeded its year-end 1993 total of NASD, NYSE, ASE, CBOE, PSE, PHLX, and state renewal fees, your firm's invoice will reflect a "credit due." If your firm's credit due is $100 or more and you would like it paid to your firm, please detach and sign the top portion of the invoice and send it to: Wendy L. Cook, Special Services, NASD, Inc., 9513 Key West Avenue, Rockville, MD 20850. This invoice stub must be signed by an officer or principal of your firm and should include the name and address of the firm's contact to whom the check should be sent. Refund checks will be mailed to members within three weeks of the date the NASD receives the signed invoice stub. Credit due amounts of less than $100 will be automatically placed in the firm's CRD account during the week of March 14, 1994. If the NASD does not receive a request for a refund check by March 11, 1993, it will apply the credit amount to your firm's CRD account as well.

Final adjusted invoices that reflect a zero balance due require no further action by the member.

Reviewing the Renewal Roster

Member renewal rosters include all agent registrations renewed for 1994. Since registrations that were pending approval or were deficient at year-end 1993 were not assessed renewal fees, those registrations will not be reported on the renewal roster. Members should examine their roster carefully to ensure that all registration approvals and terminations are reflected properly.

If discrepancies exist, report them in writing along with supporting documentation, such as Notices of Approval/Termination, Forms U-4 or U-5, or Schedule E amendments. Report the discrepancy directly to the NASD, NYSE, ASE, CBOE, PSE, PHLX, or the applicable state. All renewal roster discrepancies must be reported by March 18, 1994.

The inside cover of the renewal roster lists detailed instructions to assist members in completing the renewal process. Questions regarding this Notice may be directed to the NASD Member Services Phone Center at (301) 590-6500.

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