FINRA Manual: Contents
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For Your Information (December)
Electronic Refiling And Payment Reminders
Form BD Refile- Deadline: Dec. 15, 1999
The Securities and Exchange Commission (SEC) has required all broker/dealers to electronically file new information elicited by the revised Form BD and any information that NASD Regulation was unable to convert to the new Web CRDSM format. (NASD Regulation was able to convert some, but not all, of the broker/dealer information previously reported to the Legacy CRD system.) All member firms must electronically refile the unconverted information and the new information into Web CRD no later than December 15, 1999. Failure to refile the new Form BD by December 15, 1999, may result in regulatory and/or disciplinary action.
Please note that there are no fees associated with the Form BD refile.
Year 2000 License And Registration Renewals Payment - Deadline: Dec. 10, 1999
The Year 2000 License and Registration Renewal Process for members and their associated persons began November 1, 1999. Unlike previous years, Renewal Statements and Rosters will not be mailed in hard copy to member firms. Instead, the Renewal Process will be conducted electronically with member firms viewing their Renewal Statements and Rosters online through Web CRD. Therefore, member firms need Web CRD entitlement to review and renew their selfregulatory organization and state registrations and those registrations applicable to their associated persons. Similarly, member firms need access to electronically submit termination filings, (i.e., Forms U-5, Forms BDW, or Schedules E, for an associated person, the member firm, or branch office, respectively). The deadline for submitting your year 2000 renewal payment is December 10, 1999.
Any questions regarding the BD Refile, Renewals, or Web CRD should be directed to the Gateway Call Center at (301) 869-6699.
Year-End Customer And PAIB Reserve Formula Computation
National Association of Securities Dealers, Inc. (NASD®) members may elect to compute their reserve formula and proprietary account of an introducing broker/dealer (PAIB) computations as of the close of business on Wednesday, December 29, 1999, rather that at year end, according to an SEC interpretation. If this option is elected, the broker/dealer's reserve deposits, if any, would be made on Friday, December 31, 1999. The SEC has also stated that if this option is chosen, the next reserve formula computations would be required as of the close of business the following Friday (January 7, 2000) for weekly computers and as of month-end January (January 31, 2000) for monthly computers.
If you choose this option, you may use the total customer debits from the reserve formula computation as of December 29th in your calculation of December 31, 1999, net capital, provided your net capital is computed pursuant to SEC Rule 15c3-1 (a) (1) (ii). Additionally, the filing of the December 31, 1999 FOCUS report would include a balance sheet as of December 31 and a 15c3-3 Reserve Formula Computation as of December 29, 1999. The filing due date will not change from the current 17th business day after the "as of" date.
If you elect this option, you must contact your local District Office verbally with follow-up written notification. Any questions regarding this announcement should be directed to your local District Office.