FINRA Manual: Contents
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03-01 2003 Renewal Reports and Final Renewal Statements
Broker/Dealer, Investment Adviser, and Individual (AG/RA) Renewals
The 2003 NASD Broker/Dealer and Investment Adviser Registration Renewal Program began its second phase this month. NASD is issuing this Notice to help firms review, reconcile, and respond to the Final Renewal Statements and Reports that are available on Web CRDSM/IARDSM.
Questions regarding this Notice may also be directed to the Gateway Call Center at (301) 869-6699.
Final Renewal Statements and Reports
On January 2, 2003, Final Renewal Statements and Reports became available for viewing and printing on Web CRD/IARD. The 2003 Final Renewal Statement reflects the final status of agent, investment adviser representative, and firm registrations and/or Notice Filings as of December 31, 2002. Any adjustments in fees owed as a result of registration terminations, approvals, Notice Filings, or transitions subsequent to the Preliminary Renewal Statement have been made in this final reconciled statement.
If a firm had more agents, investment adviser representatives, branch offices, or jurisdictions/SROs registered and/or Notice Filed on Web CRD/IARD at year's end (than it did in on November 2 when the Preliminary Renewal Statement was generated), additional fees were assessed. If a firm had fewer agents, investment adviser representatives, branch offices, or jurisdictions/SROs registered and/or Notice Filed at year's end (than it did when the preliminary Renewal Statement was generated), a credit was issued and a refund can be requested.
The 2003 Final Renewal Statements reflect the year-end 2002 total fees (where applicable) for:
- Web CRD/IARD System Processing Fees
- NASD Branch Office Fees
- American Stock Exchange (AMEX), Chicago Board Options Exchange (CBOE), International Securities Exchange (ISE), New York Stock Exchange (NYSE), Pacific Exchange (PCX), and Philadelphia Stock Exchange (PHLX) Maintenance Fees
- Jurisdiction Agent Renewal Fees
- Jurisdiction Broker/Dealer Renewal Fees
- Jurisdiction Investment Adviser Representative Renewal Fees
- Jurisdiction Investment Adviser Firm Renewal Fees
Final Renewal Statements that reflect zero balances require no further action by the firm.
Beginning this year, all Renewal overpayments were systematically transferred to firms' Daily Accounts. All refund requests will be made from this account. If you believe your firm is due a Renewal refund, please check your firm's Daily Account to verify that funds are available. To request a refund check, have an appropriate signatory send a request on firm letterhead to:
User Support--CRD Accounting
9509 Key West Avenue
Rockville, MD 20850
If the Final Renewal Statement reflects an amount due, please submit Renewal payment no later than March 14, 2003. Firms may submit their payments by:
- Electronic Payment via Web CRD/IARD E-Pay
- Wire Transfer
Firms may wire full payment of the Final Renewal Statement by requesting their bank to initiate the wire transfer to: "The Riggs National Bank in Washington, DC". You will need to provide your bank the following information:
|Transfer funds to:||Riggs National Bank in Washington, DC|
|NASD Account Number:||086-761-52|
|Reference Number:||Firm CRD Number and the word "Renewals"|
To ensure prompt processing or your Renewal Payment by wire transfer:
- Remember to inform your bank the funds are to be credited to the NASD Bank Account.
- Provide your firm's CRD Number and the word "Renewals" as reference only.
- Record the Confirmation Number of the wire transfer given by your bank.
- Transfer Available Funds from Daily Account to Renewal Account
If a firm has sufficient funds in its Daily Account to cover full payment of its Renewal Fees, the firm can contact the Gateway Call Center at (301) 869-6699 and request a transfer of funds as a means of paying its Renewal Fees.
Make checks payable to NASD and be sure to indicate your firm's CRD Number and the word "Renewals" on the memo line of the check. Print your Statement and mail the first page with your firm's check to:
P.O. Box 7777-W8705
Philadelphia, PA 19175-8705
(The P.O. Box will not accept courier or overnight deliveries.)
W8705 c/o Mellon Bank, Rm 3490
701 Market Street
Philadelphia, PA 19106
Phone Number: (301) 869-6699
Please note that the Renewal Payment addresses noted above are different than the payment addresses for your firm's Daily (Registration) Account.
Reviewing the Final Renewal Reports
Renewal Reports include all individual registrations renewed for 2003. Registrations that were pending approval or were deficient at year-end 2002 were not assessed Renewal fees; therefore, they will not be reported on the Firm Renewal Report. Firms should examine their report(s) carefully to ensure that all registration approvals and terminations are properly listed. It is also suggested that these reports be made a permanent part of your records. For detailed instructions, please refer to "A Guide to Renewal Reports/Requesting Renewal Reports" in the October 2002 Bulletin. The Bulletin can be viewed at www.nasdr.com/pdf-text/bulletin_vol11_no2.pdf.
Firm Renewal Report—applicable to Broker/Dealer and Investment Adviser firms. This report will list all renewed personnel with NASD, AMEX, CBOE, ISE, NYSE, PCX, PHLX, and/or each jurisdiction. Individuals whose registrations are "approved" with any of these regulators during November and December will be included in this report, while registrations that are still pending approval or are deficient at year's end will not be included in the 2003 Renewal Program nor will they be listed on the report. If the firm has supplied billing codes, they will be included in this report.
Branches Renewal Report—applicable to NASD members. This report lists each branch registered with NASD and lists branch offices for which the firm is being assessed a fee. Firms should use this report to reconcile their records for Renewal purposes.
If a firm finds any discrepancies between its records and those maintained on Web CRD/IARD, the discrepancy must be reported directly to the appropriate regulatory authority in writing by March 14, 2003.
Discrepancies—AMEX/CBOE/ISE/NYSE/PCX/PHLX/Jurisdictions: All regulators should be contacted directly in writing. A complete listing of regulator addresses can be found at www.nasdr.com/3400_directories.asp.
Discrepancies—NASD: Contact the Gateway Call Center at (301) 869-6699 in regard to the NASD Report. Copies of appropriate documentation, such as Web CRD-generated notice of termination, notification of deficient condition, or notice of approval from its Firm Queues, should be readily available.
The October 2002 Bulletin contains detailed instructions to help firms complete the Renewal Process. This publication can also be found at www.nasdr.com/pdf-text/bulletin_vol11_no2.pdf.