FINRA 2014 Renewal Program FAQ
The following are frequently asked questions (FAQ) regarding renewals that are 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 Preliminary and Final Renewal Statements be mailed to me?
Renewal Statements are not mailed to firms. Statements will be available online via Web CRD®/IARDTM for retrieval and printing. Preliminary Renewal Statements will be available online on Nov. 11, 2013, and the Final Renewal Statements will be available Jan. 2, 2014.
2. Are there any changes to the renewal program that my firm should be aware of?
Yes, FINRA's E-Bill system replaced the Web CRD/IARD E-Pay system as the online application that firms will use when seeking to make electronic (ACH) payments. E-Bill allows entitled users to view and pay FINRA invoices, including Renewal Statements, as well as fund their firm's FINRA Flex-Funding Account and transfer funds to their Renewal Account. To use E-Bill, your firm's Super Account Administrator must assign entitlement to E-Bill for his/herself and others at the firm, and grant transfer privileges to firm employees seeking to transfer funds from the firm's Flex-Funding Account to the firm's Renewal Account. View the SAA Self-Entitlement Guide for E-Bill for more information.
3. What renewal fees will be reflected on my firm's renewal statement?
FINRA collects fees for the jurisdictions and SROs that are assessed as part of the annual Renewal Program. To review the fees assessed by the jurisdictions and SROs, please visit this page. FINRA assesses the following FINRA fees on each year's renewal statements:
# of Branch Offices
Fee Per Branch Office
1 FINRA will continue to waive the registration renewal fee for one branch per firm.
2 FINRA will continue to waive the system processing renewal fee for one branch per firm.
4. I logged onto Web CRD/IARD 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, Nov. 8, 2013, 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 if your firm becomes approved between Nov. 11, 2013 and Dec. 26, 2013. If this should occur, your firm's renewal fees will be assessed and collected with your Final Renewal Statement, which will be available on Jan. 2, 2014.
5. What is the deadline for submitting payment of my 2014 Preliminary Renewal Statement?
Full payment of your Preliminary Renewal Statement must be posted to your firm's Renewal Account by Dec. 13, 2013, even if your firm intends to terminate additional registered representatives before Dec. 31, 2013. Firms are encouraged to submit their electronic (i.e., E-Bill, wire transfer) payments no later than Dec. 10 in order for payment to post to their Renewal Account by the Dec. 13 deadline. Please note that there have been changes made to the mailing address and processing of check payments, which are detailed on the renewal payment options page.
6. What Renewal payment methods are accepted?
FINRA's E-Bill system is the online application that firms will use when seeking to make electronic (ACH) payments. E-Bill, which replaced the CRD/IARD E-Pay system, allows entitled users to view and pay FINRA invoices, including Renewal Statements, as well as fund their firm's FINRA Flex-Funding Account and transfer funds to their Renewal Account. To use E-Bill, your firm's Super Account Administrator must assign entitlement to E-Bill for themselves and any employees at your firm. Also, firms may continue to submit renewal payments by wire transfer, automatic Flex-Funding Account-to-Renewal Account Transfer, and check. Visit the renewal payment options page for complete information.
7. To whom should a Renewal payment check be made payable?
Firms renewing via Web CRD/IARD should make their checks payable to FINRA. Please refer to the renewal payment options page for additional payment information.
8. Will the amount of my Preliminary Renewal Statement change before the payment deadline date as the firm continues to request new registrations and/or submit filings to terminate registrations?
No, a Preliminary Renewal Statement is static and is based on information in Web CRD/IARD as of 11 p.m., ET, Nov. 8, 2013. Any changes for new and/or terminated registrations requested between Preliminary Extract and Dec. 26, 2013, will be reflected on your Final Renewal Statement.
9. 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 and branches as of Nov. 8, 2013, 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/IARD Jan. 2, 2014. For firms that have an amount due, FINRA should receive your payment no later than Jan. 10, 2014. The Final Renewal Statement will list one of the following:
10. How do I check to see that FINRA has received my renewal payment?
Renewal payments made electronically using E-Bill or wire transfer typically take two to three business days to process and post to your account, after which you can query Web CRD/IARD to verify receipt following these steps:
Please note that all check payments will now be deposited into firm Flex-Funding Accounts and will be applied to renewal fees with the automatic Flex-Funding Account-to-Renewal Account transfer, which begins on Dec. 11, 2013, and take place daily thereafter through Dec. 26, 2013. You can query Web CRD/IARD to verify that your check has been processed in the "Deposit Detail" of your Flex Funding Account. For complete check payment information visit the renewal payment options page.
11. How can I transfer money from my Flex-Funding Account to my Renewal Account?
Beginning on Dec. 11, 2013, and through Dec. 26, 2013, if your firm has sufficient funds in its Flex-Funding Account to cover the total renewal fees due, then the funds will be automatically transferred from your Flex-Funding Account to your Renewal Account. Additionally, firm users with the proper entitlement and transfer privileges may transfer funds from the firm's Flex-Funding Account to the firm's Renewal Account. Separately, firms may transfer funds between affiliated firms at any time by submitting a Web CRD/IARD Funds Transfer Request form.
Beginning Jan. 13, 2014, FINRA will automatically transfer funds from your firm's Flex-Funding Account to the Renewal Account for firms that still owe fees on their Final Statement.
12. My BD firm and IA firm have the same CRD number. Am I considered a "joint" firm?
Yes, your firm's Preliminary and Final Renewal Statements will reflect any applicable BD firm, BD representatives, IA firm, IA representatives and branch renewal fees. For additional information regarding investment adviser renewals, visit the IARD website.
13. 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 download. To request this report, log onto Web CRD and select the Reports tab. There are detailed instructions provided in the Renewal Program Bulletin under the Renewal Reports section.
14. 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/IARD. There are detailed instructions provided in the Renewal Program Bulletin under the Renewal Reports section.
15. My firm submitted a post-dated full Form U5 for an individual by mistake. Can the firm withdraw or cancel that filing?
No, Web CRD/IARD processes post-dated filings as they are submitted so they cannot be withdrawn or canceled once submitted. If a post-dated full Form U5 is submitted by mistake, then a new Form U4 must be submitted some time on or after Jan. 2, 2014, to re-register the individual. New registration fees will be assessed.
16. My firm submitted a post-dated partial Form U5 for an individual by mistake. Can we withdraw or cancel that filing?
No, Web CRD/IARD processes post-dated filings as they are submitted so they cannot be withdrawn or canceled once submitted. If a post-dated partial Form U5 is submitted by mistake, then a Form U4 amendment must be submitted on or after Jan. 2, 2014, to request registration with those jurisdictions and new registration fees will be assessed.
17. What is the last day that I can submit an electronic form filing in Web CRD/IARD before year-end renewal processing occurs?
All 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, Dec. 26, 2013. The Web EFT deadline is 3 p.m., ET. Web CRD/IARD will be unavailable to submit any filings from 6 p.m., ET, Dec. 26, 2013, through Jan. 1, 2014, due to the holidays and year-end renewal processing. During this period, Web CRD/IARD will be available for query-only and to create 'Pending' filings, which may be submitted on or after Jan. 2, 2014. The Web CRD System Availability Calendar covers the current schedule.
18. 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.