NASD Notice to Members 99-84 - October 1999

NASD to Send Only One Written Notice Before Deducting Delinquent Arbitration Fees From CRD Account

Executive Summary

Effective November 1, 1999, the National Association of Securities Dealers, Inc. (NASD®) will deduct delinquent arbitration fees from funds maintained in a member’s Central Registration Depository (CRDSM) account 60 calendar days after the date on a single invoice informing the member that the arbitration fees are due. If the member is represented by outside counsel which is the counsel of record, the single invoice will only be sent to the outside counsel. Members previously were sent two invoices. The new practice of providing one invoice will streamline operations at the NASD and save staff resources, yet still give members 60 calendar days in which to remit the fees before they are deducted from the firm’s CRD account.

 

Questions regarding this Notice may be directed to Dorothy Popp, Director of Operations, Office of Dispute Resolution, NASD Regulation, Inc., (NASD RegulationSM) at (212) 858-3950, or Louise Corso, Assistant General Counsel, Office of General Counsel, NASD Regulation, at (202) 728-6939.