NASD Notice to Members 97-71 - October 1997

NASD to Deduct Unpaid Arbitration Fees From Member Deposit Accounts

Executive Summary

Effective January 1, 1998, the National Association of Securities Dealers, Inc. (NASD®) will deduct delinquent unpaid arbitration fees from member funds maintained in member Central Registration Depository (CRDSM) accounts.  Members will receive at least two notices that arbitration fees are due and payable as part of the normal billing and collections process.  If a payment is received prior to the established deadline, the NASD will not deduct funds from the member’s CRD account.  Members are responsible for replenishing the funds on deposit to ensure that there are no delays in processing registration applications or any other CRD-related obligation.

 

Questions regarding this Notice may be directed to Deborah Masucci, Vice President and Director, Office of Dispute Resolution, NASD Regulation, Inc., at (212) 858-4400; Todd Diganci, Vice President and Controller, Finance Department, NASD, at (301) 590-6203; or Elliott R. Curzon, Assistant General Counsel, Office of General Counsel, NASD RegulationSM, at (202) 728-8451.