FINRA Manual: Contents
The SEC has extended the Trading Phase Date to March 5, 2007.
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06-02 Broker-Dealer, Investment Adviser Firm, Agent and Investment Adviser Representative Renewals for 2006
2006 Final Renewal Statements and Reports
Legal & Compliance
The 2006 NASD Broker-Dealer and Investment Adviser Renewal Registration Program is in its final phase this month. NASD is issuing this Notice to help firms review, reconcile and respond to their Final Renewal Statements and reports that are currently available on Web CRD/IARD.
Questions regarding this Notice may be directed to the Gateway Call Center at (301) 869-6699.
Final Renewal Statements and Reports
On January 3, 2006, Final Renewal Statements and reports became available for viewing and printing. The 2006 Final Renewal Statement reflects the final status of agent, investment adviser representative, branch and firm registrations and/or Notice filings as of December 31, 2005. Any adjustments in fees owed as a result of registration terminations, approvals, firm IA registrations or Notice filings 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 additional registrations or Notice filings on Web CRD/IARD at year's end than it did on November 19, 2005 when its Preliminary Renewal Statement was generated, additional fees were assessed. If a firm had fewer agents, investment adviser representatives or branch offices, registrations and/or Notice filings at year's end than it did when its Preliminary Renewal Statement was generated, a credit was applied to the firm's CRD/IARD daily (registration) account.
The 2006 Final Renewal Statement reflects the year-end 2005 total fees (as applicable) for:
A Final Renewal Statement that reflects a zero balance requires no further action by the firm. On January 3, 2006, all renewal overpayments were systematically transferred to firms' daily (registration) accounts. 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:
Registration Management—CRD Accounting
9509 Key West Avenue
Rockville, MD 20850
If the Final Renewal Statement reflects an amount due, NASD must receive payment no later than February 3, 2006. Firms have four (4) payment options:
Electronic Payment via Web CRD/IARD E-Pay:
Firms can access Web CRD/IARD E-Pay at https://tradelinks2.mellon.com/cgi-bin/tsmenu.pl/nasd. There is also a hyperlink to Web CRD/IARD E-Pay on the online Final Renewal Statement.
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 Final Renewal 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.)
701 Market Street 199-3490
Philadelphia, PA 19106
Phone number: (301) 869-6699
Please note that the renewal payment addresses noted above are different than the payment addresses for the firm's daily (registration) account.
Firms may wire full payment of the Final Renewal Statement by requesting their bank to initiate the wire transfer to: "Mellon Financial, Philadelphia, PA."
Firms should provide their bank with the following information:
Transfer funds to: Mellon Financial, Philadelphia, PA ABA Number: 031 000 037 Beneficiary: NASD Account Number: 8-234-353 Reference Number: Firm CRD number and the word "Renewals"
To ensure prompt processing or your renewal payment by wire transfer:
Transfer available funds from daily account to renewal account:
Firms may also call the NASD Gateway Call Center at (301) 869-6699 or send an email to firstname.lastname@example.org and request a transfer of the full renewal balance from their daily account to their renewal account.
NOTE: The firm must have the available funds in order for the transfer to be processed.
Reviewing Final Renewal Reports
Renewal reports include all individual registrations renewed for 2006. Registrations that were "pending approval" or were "deficient" at year-end 2005 were not assessed renewal fees; therefore, they will not be reported on the Firm (Agent) Renewal Report. Firms should examine their reports 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 firms' records.
Firm Renewal Report: applicable to broker-dealer and investment adviser firms. This report lists 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 2006 Renewal Program nor will they be listed on the report. Firms should use this report to reconcile their records for renewal purposes.
Branches Renewal Report: applicable to broker-dealer and investment adviser firms. This report lists each branch registered with NASD and other regulators who renew branches registered with them through Web CRD/IARD for which the firm was assessed a fee. Firms should use this report to reconcile their records for renewal purposes.
Discrepancies (NASD, AMEX/CBOE/ISE/NYSE/PCX/PHLX/Jurisdictions)
If a firm finds any discrepancies between its records and those maintained on Web CRD/IARD, the discrepancy must be reported to NASD at the same address used for refund requests. All discrepancies should be reported by February 3, 2006. Copies of appropriate documentation, such as a Web CRD-generated notice of termination, notification of deficient condition, or notice of approval from the firm's Web CRD/IARD queues should be readily available.
The 2006 Renewal Program Bulletin contains detailed instructions to help firms complete the renewal process. This publication can be found at www.nasd.com/renewals.