FINRA RegNote 13-01 Offers Help in Completing Registration Process.

[ by Howard Haykin ]

Final Renewal Statements became available for Broker-Dealers and Investment Advisers on Wednesday, January 2, and the February 1 payment deadline is fast approaching.  If your firm or client is a 'dawdler', perhaps they could use FINRA's he;p with reviewing, reconciling and responding to the final statements.

FINRA published Regulatory Notice 13-01 for this very purpose.  FINRA also has a Call Center at (301) 869-6699 to field any/all questions.
                

Background & Discussion.    Final Renewal Statements and reports - now available for viewing and printing in Web CRD/IARD - show the final status of BD, RR, IA, IA Rep, and Branch registrations and/or notice filings as of 12/31/12.  The information contained therein reflects data from the Preliminary Renewal Statement that has been - or should have been - updated for all changes, like terminations and adjustments. 

Firms will be in one of 3 scenarios:  (i) either you owe more fees;  (ii) you are due a refund;  or, (iii) you are a -0- balance. 

• Firms owing incremental assessments (i.e., additional renewal fees) must make payment by 2/1/13. 
• Firms whose assessments are now less than those listed on the Preliminary Renewal Statement, should have been issued a credit by FINRA to its Web CRD/IARD account. 
• Finally, firms with a -0- balance, need to do nothing.

Firms have four payment options: 

• Web CRD/IARD E-Pay;
• wire transfer;
• Automatic Daily Account-to-Renewal Account Transfer; or
• check.

Discrepancies.   If any discrepancies are found between a firm's records and those maintained on Web CRD/ IARD, that firm must report the discrepancy to FINRA - and do so by 2/1/13. 

Copies of appropriate documentation from the firm’s Web CRD/ IARD queues, such as a Web CRD-generated notice of termination, notification of deficient condition or notice of approval, should be readily available upon request by FINRA.

For further details, go to:   [ FINRA RegNote 13-01, January 2013 ].