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98-9   1997-98 Renewal Rosters And Final Adjusted Invoices

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Senior Management
Legal & Compliance

Executive Summary

The 1997-98 National Association of Securities Dealers, Inc. (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 are mailed to all member firms in mid-January.

Final Adjusted Invoice Packages

On or about January 15, 1998, the NASD will mail final adjusted invoices and renewal rosters to all NASD member firms. The invoice will reflect the year-end 1997 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 Exchange (PSE), and Philadelphia Stock Exchange (PHLX) maintenance fees, state agent renewal fees, and state broker/dealer renewal fees. It will also reflect payment submitted by an NASD member in response to the initial renewal invoice mailed in November 1997.

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 1997. The roster will alphabetically list all firm agents whose registrations were renewed in states. Firms with registered branch offices that were active as of December 31, 1997, will also receive a branch office roster.

A member's final invoice will reflect an "amount due," a "credit due," or a "zero balance." If a firm's year-end 1997 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 jurisdictions the additional renewal fees due at year-end on behalf of the firm and will mail an "amount due" invoice to collect that sum from the member firm.

If the firm's invoice reflects an amount due, the NASD requests payment by wire transfer or company check. Wire transfer instructions will be included in the renewal invoice packet or can be obtained by calling the NASD's Finance Department at (301) 590-6088. Make the check payable to NASD Regulation, Inc., with reference to the firm's Central Registration Depository (CRDSM) number and the word "Renewal," and mail it with the top portion of the invoice. Payments must be received by the NASD no later than March 6, 1998.

If the firm's payment submitted in response to the initial renewal invoice exceeds its year-end 1997 total of NASD, NYSE, ASE, CBOE, PSE, PHLX, 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 a refund check, it should sign the top portion of the invoice and send it to:

CRD Accounting
NASD Regulation, Inc.
1390 Piccard Drive, 2nd Floor
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. The refund requests will be processed as soon as possible. The average turnaround time for receiving a check last year was about two weeks. 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 6, 1998, the full credit amount will be transferred to the firm's CRD account.

Final adjusted invoices that reflect zero balances require no further action by the member.

Reviewing The Renewal Roster

Member renewal rosters include all agent registrations renewed for 1998. Registrations that were pending approval or were deficient at yearend 1997 were not assessed renewal fees; therefore, they will not be reported on the renewal roster. Members should examine their roster carefully to ensure that all registration approvals and terminations are properly listed.

NASD discrepancies should be reported by calling the CRD/PD Call Center at (301) 590-6500. Copies of supporting documentation, such as Notices of Approval/Termination, Forms U-4 or U-5, or Schedule E amendments, should be readily available. All other discrepancies should be reported directly to the jurisdictions involved—NYSE, ASE, CBOE, PSE, PHLX, or the applicable state(s). All renewal roster discrepancies must be reported by March 13, 1998.

The inside cover of the renewal roster contains detailed instructions to help members complete the renewal process. Questions regarding this Notice may be directed to the CRD/PD Call Center at (301) 590-6500.

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