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92-3 1992 Renewal Rosters and Final Adjusted Invoices

SUGGESTED ROUTING:*

Senior Management
Legal & Compliance
Operations
Registration
*These are suggested departments only. Others may be appropriate for your firm.

EXECUTIVE SUMMARY

The 1991-92 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 will be mailed to all firms in mid-January.

FINAL ADJUSTED INVOICE PACKAGES

On or about January 13, 1992, the NASD mailed final adjusted invoices and renewal rosters to all NASD member firms. The invoice reflects the year-end 1991 total of fees for NASD personnel assessments; NASD branch-office fees; New York Stock Exchange (NYSE), American Stock Exchange (ASE), and Chicago Board Options Exchange (CBOE) maintenance fees; state agent renewal fees; and state broker/dealer renewal fees. It also reflects payment submitted by an NASD member in response to the initial renewal invoice mailed in November 1991.

The final invoice includes a renewal roster that lists each firm's NASD and, if applicable, NYSE-, ASE-, and CBOE-registered personnel as of year-end 1991. In addition, the roster lists alphabetically all firm agents whose registrations were renewed in states. Firms with registered branch offices that were active as of December 31, 1991, are receiving a branch-office roster in addition to the agent roster.

A member's final invoice shows an "amount due," a "credit due," or a "zero balance due." If a firm's year-end 1991 total of NASD, NYSE, ASE, CBOE, and state renewal fees exceeded the firm's payment submitted in response to the initial renewal invoice, the NASD paid the additional renewal fees due at year-end on behalf of the member and is mailing an "amount due" invoice to collect that sum.

If the invoice shows an amount due, please submit payment in the form of a check made payable to the National Association of Securities Dealers, Inc. The check should be drawn on the member firm's account, with the firm 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 should be received by the NASD no later than March 13, 1992.

If a firm's payment submitted in response to the initial renewal invoice exceeded its year-end 1991 total of NASD, NYSE, ASE, CBOE, and state renewal fees, a "credit due" invoice is being issued. If your firm's invoice shows a credit due and you would like it paid to your firm, detach and sign the top portion of the invoice and send it to Kelly O. Palmer, Special Registration Review, NASD, Inc., 9513 Key West Avenue, Rockville, MD 20850. If the NASD does not receive a request for a refund check by March 13, 1992, the credit amount will be applied to your firm's CRD account.

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

REVIEWING THE RENEWAL ROSTER

Member renewal rosters include all agent registrations renewed for 1992. Because registrations that were pending approval or were deficient at year-end 1991 were not assessed renewal fees, those registrations are not reported on the renewal roster. Members should examine their rosters 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 discrepancies directly to the NASD, NYSE, ASE, CBOE, or the applicable state. All renewal-roster discrepancies should be reported by March 20, 1992. The inside cover of the renewal roster contains 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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