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95-10 1994-95 Renewal Rosters And Final Adjusted Invoices


Senior Management
Legal & Compliance

Executive Summary

The 1994-95 NASD broker/dealer and agent registration renewal cycle begins its second phase this month. The NASD is publishing information in this Notice to help members review, reconcile, and respond to the final adjusted invoice packages that were mailed to all member firms in mid-January.

Final Adjusted Invoice Packages

On January 16, 1995, the NASD mailed final adjusted invoices and renewal rosters to all NASD member firms. The invoice reflects the yearend 1994 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 also reflects payment submitted by an NASD member in response to the initial renewal invoice mailed in November 1994.

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 1994. In addition, the roster will list alphabetically all firm agents whose registrations were renewed in states. Firms with registered branch offices that were active as of December 31, 1994, will receive a branch-office roster in addition to the agent roster.

A member's final invoice will reflect an "amount due," a "credit due," or a "zero balance." If a firm's year-end 1994 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 additional renewal fees due at year-end on behalf of the member and will mail an "amount due" invoice to collect that sum.

If the firm's invoice reflects an amount due, the NASD requests payment by wire transfer or company check. Wire transfers instructions are in the renewal invoice packet or can be obtained by calling (301) 5906088. Make check payable to the National Association of Securities Dealers, Inc., reference the firm's Central Registration Depository (CRD) number, and mail it with the top portion of the invoice. Payments must be received by the NASD no later than March 10, 1995.

If the firm's payment submitted in response to the initial renewal invoice exceeds its year-end 1994 total of NASD, NYSE, ASE, CBOE, PHLX, PSE, and state renewal fees, a "credit due" invoice will be issued. If the firm's invoice reflects a credit due of $100 or more and the firm would like it returned, it should sign the top portion of the invoice and send it to: Manolita Gorres, 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 that the NASD receives the signed invoice stub. Credit due amounts of less than $100 will be automatically transferred to the firm's CRD account. If the NASD does not receive a request for a refund check by March 10, 1995, the full credit amount will be transferred to the fir-m's CRD account as well.

Final adjusted invoices that reflect a $0 balance require no further action by the member.

Reviewing The Renewal Roster

Member renewal rosters include all agent registrations renewed for 1995.

Registrations that were pending approval or were deficient at yearend 1994 and were not assessed renewal fees are not reported on the renewal roster. Members should examine their roster carefully to ensure that all registration approvals and terminations are reflected properly.

Discrepancies should be reported in writing, along with supporting documentation, such as Notices of Approval/Termination, Forms U-4 or U-5, or Schedule E amendments. Report each discrepancy directly to the jurisdiction(s) involved—NASD, NYSE, ASE, CBOE, PSE, PHLX, or the applicable state. All renewal roster discrepancies must be reported by March 18, 1995.

The inside cover of the renewal roster contains detailed instructions to help members complete the renewal process. Questions about this Notice may be directed to the NASD Member Services Phone Center at (301) 590-6500, or to the firm's assigned Quality and Service Team.

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