1999-2000 Renewal Rosters And Final Adjusted Statements
ACTION REQUIRED
Broker/Dealer And Agent Renewals
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Executive Summary
The 1999-2000 renewal cycle for the National Association of Securities Dealers, Inc. (NASD®) broker/dealer and agent registration begins its second phase January 2000. The NASD is issuing this Notice to help members review, reconcile, and respond to the Final Adjusted Statements and rosters that will be available on Web CRDSM by January 24, 2000.
Questions/Further Information
Questions regarding this Notice may be directed to the CRD/PD Gateway Call Center at (301) 869-6699.
Final Adjusted Statements And Rosters
By January 24, 2000, the NASD will make available via Web CRD Final Adjusted Statements and renewal rosters to all NASD member firms. The Final Adjusted Statements will reflect the year-end 1999 total fees for:
- NASD personnel assessments;
- NASD branch office assessments;
- NASD system processing fees;
- New York Stock Exchange (NYSE), American Stock Exchange® (Amex®), Chicago Board Options Exchange (CBOE), Pacific Exchange (PCX), and Philadelphia StockExchange (PHLX) maintenance fees;
- state agent renewal fees; and
- state broker/dealer renewal fees.
The statement will also reflect payment submitted by an NASD member in response to the Initial Renewal Statement which was made available on November 1, 1999. Along with the Final Adjusted Statement, the NASD will provide, via Web CRD, a Firm Renewal Roster that lists each firm's NASD and, if applicable, NYSE-, Amex-, CBOE-, PCX-, and PHLXregistered personnel, as of yearend 1999.
The roster will list all of the firm's personnel (alphabetically) whose registrations were renewed in states. Firms with registered branch offices that were active as of December 31, 1999, will also receive a Branch Office Roster. A member's Final Adjusted Statement will reflect an "amount due," a "credit due," or a "zero balance." If a firm's year-end 1999 total of NASD, NYSE, Amex, CBOE, PCX, PHLX, and state renewal fees exceeded the firm's payment submitted in response to the Initial Renewal Statement, the NASD paid the jurisdictions the additional renewal fees due at year-end on behalf of the firm and will generate an "amount due" statement to collect that sum from the member firm.
If the firm's Final Adjusted Statement reflects an amount due, the NASD requests payment by wire transfer or company check. Wire transfer instructions are located at the NASD Regulation, Inc. (NASD RegulationSM) Web Site (www.nasdr.com). From the NASDRMSM Home Page, click on "Members Check Here," then click on "Central Registration Depository," and view information under the menu selection, "License Renewal Information" and "Year 2000 Renewals Overview." Firms may also contact the NASD's Finance Department at (301) 590-6088 for detailed wire instructions. Firms should make the check payable to NASD Regulation, Inc., with the firm's CRD Number and the word "Renewals" written on the check, and mail it with the first page of the statement (printed from Web CRD). Payments must be received by the NASD no later than March 10, 2000.
If the firm's payment submitted in response to the Initial Renewal Statement exceeds its year-end 1999 total of NASD, NYSE, Amex, CBOE, PCX, PHLX, and state renewal fees, a "credit due" statement will be issued. If the firm's Final Adjusted Statement reflects a credit due and the firm would like a refund check, it should print and sign the top portion of the first page of the statement and send it to:
CRD Accounting - Renewal Refunds NASD Regulation, Inc. 1390 Piccard Drive, 2nd Floor Rockville, MD 20850
The statement must be signed by an officer or principal of the firm and should include the name and address of the firm's contact person to whom the check should be sent. Refund requests will be processed as soon as possible. The average turn-around time for receiving a refund check last year was approximately two weeks. Member firms may also request to transfer the credit due to their CRD Daily Registration Account. To initiate a transfer of funds, please contact the CRD/PD Gateway Call Center at (301) 869-6699. If the NASD does not receive a request for a refund check or request to transfer funds by March 10, 2000, CRD Accounting will begin to manually transfer the remaining credit balances to member firms' CRD accounts. This process should be completed by April 3, 2000.
Final Adjusted Statements that reflect zero balances require no further action by the member firm.
Reviewing The Renewal Rosters
Member renewal rosters include all agent registrations renewed for 2000. Registrations that were pending approval or were deficient at year-end 1999 were not assessed renewal fees; therefore, they will not be reported on the renewal roster. Members should examine their rosters carefully to ensure that all registration approvals and terminations are properly listed.
NASD discrepancies should be reported by calling the CRD/PD Gateway Call Center at (301) 869-6699. Copies of supporting documentation, such as Web CRDgenerated notice of termination, notification of deficient condition, or notice of approval from its Firm Queues, should be readily available. All other discrepancies should be reported directly to the regulators involved-NYSE, Amex, CBOE, PSE, PHLX, or the applicable state(s). All renewal roster discrepancies must be reported by March 13, 2000. The November 1999 issue (Vol. 7, No. 4) of the CRD/PD Bulletin contains detailed instructions to help members complete the renewal process.