FINRA 2012 Renewal Program Frequently Asked Questions

The following are frequently asked questions (FAQ) regarding renewals applicable to broker-dealer (BD) firms. If your firm is a joint broker-dealer/investment adviser (BD/IA) firm, please be sure to review the renewal information and FAQ applicable to investment advisers on the IARD website.

 

  1. Will my firm’s 2012 Preliminary and Final Renewal Statements be mailed to me?

    Renewal Statements are not mailed to firms. Statements will be available online via Web CRD® for retrieval and printing. Preliminary Renewal Statements will be available online on November 14, 2011, and the Final Renewal Statements will be available January 3, 2012.

     
  2. I logged onto Web CRD to retrieve my firm’s Preliminary Renewal Statement, but there wasn’t one available and the message on the screen read “A Renewal Statement does not exist for this organization.” Why doesn’t my firm have a statement?

    If your firm had a 'Pending Approval' status in Web CRD as of 11 p.m. ET, November 11, 2011, then a Preliminary Renewal Statement was not generated for your firm since an approved registration status is required. However, a Final Renewal Statement will be generated for your firm if your firm becomes approved between November 14, 2011 and December 23, 2011. If this should occur, your firm’s renewal fees will be assessed and collected with your Final Renewal Statement, which will be available on January 3, 2012.

     
  3. What is the deadline for submitting payment of my 2012 Preliminary Renewal Statement?

    Full payment of your Preliminary Renewal Statement must be posted to your firm’s FINRA Renewal Account by December 12, 2011, even if your firm intends to terminate additional registered representatives before December 31, 2011. Firms are encouraged to submit their electronic (i.e., Web CRD/IARD E-pay, wire transfer) renewal payments no later than December 8 in order for payment to post to their Renewal Account by the December 12 deadline. Firms paying by check should account for mail delivery and payment processing time when sending payment.

     
  4. What Renewal payment methods are accepted?

    Visit the renewal payment options page for complete information.

     
  5. To whom should a Renewal payment check be made payable?

    Firms renewing electronically via Web CRD should make their checks payable to FINRA. Also make sure you mail your renewal check to the correct address for funding Renewal Accounts, which is listed on the renewal payment options page.

     
  6. Will the amount of my Preliminary Renewal Statement change between November 14, 2011 and the payment deadline date of December 12, 2011, as I continue to request new registrations and/or submit filings to terminate registrations?

    No, a firm’s Preliminary Renewal Statement is static and will not change. It is based on information from Web CRD/IARD as of 11 p.m., ET, November 11, 2011. Any changes for new and/or terminated registrations requested between November 14, 2011 and the system shutdown on December 23, 2011, will be reflected on your Final Renewal Statement, on January 3, 2012.

     
  7. If my Renewal Account status is "Sufficient," does that mean that I have paid my renewal bill in full?

    Not necessarily, it only means that a payment towards your Preliminary Renewal Statement has been made. You must pay the full amount due.

     
  8. If I pay my Preliminary Renewal Statement in full, have I fulfilled all of my Renewal Fee obligations and completed the Renewal process?

    No. Since the Preliminary Renewal Statement is based on the registration statuses of your firm and its registered representatives or branches as of November 11, 2011, any changes to those statuses prior to year-end have not yet been considered for renewals purposes. Therefore, the renewal process is not complete until reconciliation on your firm’s Final Renewal Statement, which will become available online in Web CRD January 3, 2012. For firms that have an amount due, FINRA should receive your payment no later than February 3, 2012. The Final Renewal Statement will list one of the following:
    • Zero balance due by your firm (no further action required by your firm)
       
    • An amount due by your firm (send payment)
       
    • An amount to be refunded to your firm (amount automatically transferred to firm's Daily Account)
       
  9. How do I check to see that FINRA has received my Renewal Payment?

    You can query Web CRD to see if FINRA has received and processed your Renewal Payment:
    • Log onto Web CRD
       
    • From the Site Map, click on the ‘Renewal Statement’ link under the Accounting section
       
    • Click on ‘Deposit Detail’ under the Renewal Account Information menu
       
    • Enter a date range up to 31-day increments to search for the deposit
       
    • Select the ‘Search’ button
       
  10. How can I transfer money from my Daily Account to my Renewal Account?

    If your firm has the total amount in its Daily Account to cover the renewal statement amount due on December 12, 2011, then the funds will be automatically transferred from your Daily Account to the Renewal Account. Firms may have funds transferred earlier or between affiliated firms by submitting a Web CRD/IARD Funds Transfer Request form.

     
  11. My broker-dealer firm and investment adviser firm have the same CRD number. Am I considered a "joint" firm?

    Yes, your firm’s online Preliminary and Final Renewal Statements will reflect any applicable broker-dealer firm, broker-dealer representatives, investment adviser firm, investment adviser representatives and branch renewal fees. For additional information regarding investment adviser renewals, visit the IARD website.

     
  12. How do I obtain a report that shows a list of everyone at my firm who was included for renewal?

    This information is available as part of your “Firm Renewal Report” and is available as a PDF or a downloadable file. To request this report, log onto Web CRD and select the Reports tab. Detailed instructions are provided in the Renewal Program Bulletin under the Renewal Reports section.

     
  13. Will my “Firm Renewal Report” be automatically generated and sent to me?

    No, firms must request their renewal reports via the Reports tab in Web CRD. Detailed instructions are provided in the Renewal Program Bulletin under the Renewal Reports section.

     
  14. My firm submitted a post-dated full Form U5 (with a termination date of 12/31/2011) for an individual by mistake. Can the firm withdraw or cancel that filing?

    No, Web CRD will process all post-dated filings as they are submitted so they cannot be withdrawn or canceled once processed. If a post-dated full Form U5 is submitted by mistake, then a new Form U4 must be submitted some time on or after January 3, 2012, to re-register the individual. New registration fees will be assessed.

     
  15. My firm submitted a post-dated partial Form U5 (with a termination date of 12/31/2011) for an individual by mistake. Can we withdraw or cancel that filing?

    No, Web CRD will process post-dated filings as they are submitted so they cannot be withdrawn or canceled once processed. If a post-dated partial Form U5 is submitted by mistake, then a Form U4 amendment must be submitted on or after January 3, 2012, to re-request registration with those jurisdictions and applicable registration fees will be assessed.

     
  16. What is the last day that I can submit an electronic form filing in Web CRD/IARD before year-end renewal processing occurs?

    Any electronic form filings (including Forms U4, U5, BD, BDW, BR, BR Closing/Withdrawal, ADV, ADV-W, and Amendments) must be submitted to Web CRD/IARD by 6 p.m., ET, December 23, 2011. The deadline is 4 p.m., ET, for Web EFT users. Web CRD/IARD will be unavailable to submit any electronic filings from 6 p.m., ET, December 23, 2011 through January 2, 2012 due to the holidays and year-end renewal processing schedule. During this period, Web CRD/IARD will be available December 28 through December 30, 2011, for query purposes only and to create ‘Pending’ filings, which may be submitted on or after January 3, 2012. Check the Web CRD System Availability Calendar for the current schedule.

     
  17. What regulators renew branches through Web CRD?

    FINRA branches are renewed through Web CRD. A fee schedule for all jurisdictions is available on the FINRA website. For renewal questions regarding a specific state or jurisdiction, please contact that state or jurisdiction directly. A directory of all of the state regulatory offices can be found on the NASAA website.