NASD Special Notice to Members 98-061- July 1998

NASD Members Face CRD Account Deduction or Membership Cancellation for Non-payment of Arbitration Fees

Executive Summary

Effective upon publication of this Notice, the National Association of Securities Dealers, Inc. (NASD®) will extend the practice of deducting delinquent (i.e., greater than 90 days outstanding) arbitration fees from funds maintained in a member’s Central Registration Depository (CRDSM) account to include fees originating prior to January 1, 1998. Notice to Members 97-71 established the practice of deducting delinquent arbitration fees from member CRD accounts. However, this practice was limited to balances originating after January 1, 1998.