NASD Notice to Members 03-14 - March 2003

NASD Announces Implementation of Web EFT and Amends Section 9 of Schedule A to the NASD By-Laws Establishing an Annual Subscription Charge for NASD Members That Use Web EFT; Implementation Date: March 24, 2003

Executive Summary

NASD announces the implementation of Web EFT, a new, secure Web-based electronic file transfer application that members can use to submit "batch filings," such as multiple Form U-4 and Form U-5 filings, in a single transaction to the Central Registration Depository (CRD^®) or Investment Advisor Registration Depository (IARD^SM) system; or to download member firm data and processing results from these systems. NASD has amended Section 9 of Schedule A to the NASD By-Laws (Section 9) to establish an annual subscription charge for NASD members that elect to use Web EFT, to submit/download registration-related data.

 

The rule change to amend Section 9 was filed with the Securities and Exchange Commission (SEC) on February 11, 2003. Pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934 and SEC Rule 19b-4(f)(1) thereunder, the rule change became immediately effective upon filing.

 

Questions concerning this Notice may be directed to NASD's Gateway Call Center at (301) 590-6500.