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95-59 Temporary Fee Increase For Agent Registration Filings;

Effective August 1, 1995

SUGGESTED ROUTING

Senior Management
Legal & Compliance
Registration
Training

At its July 1995 meeting, the NASD® Board of Governors approved temporary fee increases for certain agent registration filings to help fund the redesign and implementation of the Central Registration Depository (CRD). The following fee increases are effective August 1, 1995:

 

Current Fees

Fees Effective 8/1/95–12/31/96

Fees Effective 1/1/97–12/31/97

Fees Effective 1/1/98

Registration Fee

$65

$85

$70

$65

Termination Fee

25

40

35

25

Late Termination Fee

50

65

60

50

Special Registration Review Fee

85

95

95

85

Fees Effective Fees Effective Current 8/1/95– 1/1/97– Fees Effective

The NASD has a major systems development project underway to completely redesign the CRD. The CRD is a computerized system for one-stop registration and licensing of NASD members and their associated persons. The original system was developed in 1981 to standardize and streamline the registration process by accommodating a single filing and payment of fees for registration in multiple jurisdictions. Today the system processes filings for 50 states, the District of Columbia, Puerto Rico, seven self-regulatory organizations, and the Securities and Exchange Commission (SEC).

The redesigned CRD, scheduled for a staged implementation from 1996 to 1997, will feature electronic filings, re-engineered work processes, expedited relicensing, and a highly structured, relational database to better serve the information requirements of regulators, members, and investors. In addition, the new system will include investment adviser registration for the SEC and states; an E-mail communication capability for system participants; and a document imaging, storage, and retrieval service for support documents required in certain filing situations.

The NASD had originally intended to fund the CRD redesign effort from the current registration filing fees based on expected activity levels from 1995 to 1997. In 1995, registration activity declined significantly, however, and the resulting lower revenue levels are now expected to continue through 1997. The NASD Board believes it is necessary to institute the temporary fee increase to continue the investment in this important systems project. The temporary fees will be implemented on August 1, 1995, and will apply to all filings received on or after that date.

Direct questions about this Notice to your Quality and Service Team (see below) in the Membership Department. If you do not know your assigned team, please contact the Membership Phone Center at (301) 590-6500 and ask to be transferred to your team.

Quality and Service Teams

Team 1

(301) 921-9499

Team 2

(301) 921-9444

Team 3

(301) 921-9445

Team 4

(301) 921-6664

Team 5

(301) 921-6665


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