Broker-Dealer, Investment Adviser Firm, Agent and Investment Adviser Representative Renewals for 2007
GUIDANCE
Broker-Dealer, Investment Adviser Firm, Agent and Investment Adviser Representative Renewals for 2007
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SUGGESTED ROUTING |
KEY TOPICS |
| Executive Representatives Legal & Compliance Operations Registered Representative Registration Senior Management |
IARDSM Maintenance Fees Registration Renewals Web CRD® |
Executive Summary
The 2007 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/Further Information
Questions regarding this Notice may be directed to the Gateway Call Center at (301) 869-6699.
Final Renewal Statements and Reports
On January 3, 2007, Final Renewal Statements and reports became available in Web CRD for viewing and printing. The 2007 Final Renewal Statement reflects the final status of agent (AG), investment adviser representative (RA), branch and firm registrations and/or Notice filings as of December 31, 2006. 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 4, 2006, when its Preliminary Renewal Statement was generated, then additional fees were assessed. If a firm had fewer agents, investment adviser representatives or branch offices, firm registrations and/or Notice filings at year's end than it did when its Preliminary Renewal Statement was generated, then a credit was applied to the firm's CRD/IARD daily (registration) account.
The 2007 Final Renewal Statement reflects 2007 total fees (as applicable) for year-end 2006 for:
Renewal Payment
A Final Renewal Statement that reflects a zero balance requires no further action by the firm. On January 3, 2007, 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 written request on firm letterhead to:
NASD
Registration Management—CRD Accounting
9509 Key West Avenue
Rockville, MD 20850
(301) 869-6699
If the Final Renewal Statement reflects an amount due, NASD should receive payment no later than February 2, 2007. Firms have four (4) payment options:
Electronic Payment via Web E-Pay:
Firms can access Web E-Pay at http://epay.nasd.com. There is also a hyperlink to Web E-Pay on the online Final Renewal Statement.
| Please note: | If you have not used Web E-Pay since August 20, 2006, the first time you log onto Web E-Pay you will be required to enter your current user ID and a new password. The new password is your user ID + your firm's CRD number (all as one string, no spaces). You will be required to change your password after this initial logon in order to submit an electronic payment. |
Check:
Make checks payable to NASD and be sure to indicate your firm's CRD number and the word "Renewal" on the memo line of the check. Print your Final Renewal Statement and mail the first page with your firm's check to:
U.S. Mail:
NASD, CRD-IARD
P.O. Box 7777-W8705
Philadelphia, PA 19175-8705
(The P.O. Box will not accept courier or overnight deliveries.)
Express Delivery:
NASD, CRD-IARD
W-8705
701 Market Street 199-3490
Philadelphia, PA 19106
(301) 869-6699
Please note that the renewal payment addresses noted above are different than the payment addresses to fund your firm's daily (registration) account.
Wire Transfer:
Firms may wire full payment of their 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 "Renewal" |
To ensure prompt processing of your renewal payment by wire transfer:
Transfer of 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 [email protected] 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 its daily account to pay the Final Renewal Statement in full in order for the transfer to be processed. |
Reviewing Final Renewal Reports
Renewal reports include all individual registrations renewed for 2007. Registrations that were "pending approval" or were "deficient" at year-end 2006 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.
Discrepancies (NASD, AMEX/CBOE/ISE/NQX/NYSE/PCX/PHLX/Jurisdictions)
If a firm finds any discrepancies between its records and those maintained on Web CRD/IARD, the discrepancy should be reported to NASD at:
NASD
Registration Management—CRD Accounting
9509 Key West Avenue
Rockville, MD 20850
(301) 869-6699
All discrepancies should be reported by February 2, 2007. 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 2007 Renewal Program Bulletin contains detailed instructions to help firms complete the renewal process and can be found at www.nasd.com/renewals.