NASD Notice to Members 04-35 - April 2004

NASD Reminds Member Firms of Their Obligations to File Certain Financial Reports

Executive Summary

Securities and Exchange Commission (SEC) Rule 17a-5 requires broker-dealers to file certain financial reports with NASD within a specified number of days following the end of the period for which the report is filed. This Notice to Members reminds members that such reports must be filed on a timely basis and that requests for extensions of time for filing may only be made in exceptional circumstances. Moreover, any request for an extension of time for filing must be submitted, in writing to and received by, the appropriate District Office no later than three business days prior to the due date of the report. Failure to file such reports by the due date, or the revised due date if an extension has been granted, will result in a late fee of $100 per day for a maximum of 10 days, as described in Schedule A of NASD's By-Laws, as well as possible disciplinary action. This Notice to Members also reminds members that all reports will be considered timely filed only when received at the appropriate time and at the required location.

 

Questions regarding this Notice may be directed to the Department of Member Regulation by contacting Susan DeMando, Director, Financial Operations, at (202) 728-8411; or Vicky Berberi-Doumar, Senior Attorney, at (202) 728-8905.