Regulatory Notice 07-44

SEC Approves New Interpretive Material That Authorizes FINRA to Establish a Temporary Program to Allow Firms to Voluntarily Remit Accumulated Funds; Reminder Concerning Proper Disclosure of the Section 3 Fee; Effective Date: December 11, 2007 Sunset Date: June 11, 2008

Executive Summary

FINRA is establishing a temporary program that will allow member firms to remit to FINRA funds previously collected, but not remitted, in connection with assessments used by NASD to pay the SEC's Section 31 fees, otherwise known as "accumulated funds." Firms may, on a one-time only, voluntary basis, remit all or part of historically accumulated funds that were collected and are in surplus of the assessment under Section 3 of Schedule A to the By-Laws in accordance with the terms of this interpretive material. This Program is effective December 11, 2007 and will automatically sunset effective June 11, 2008, and thereafter may not be used by member firms.

FINRA also is reminding firms of proper disclosure for transaction fees assessed under Section 3.

Questions concerning this Notice may be directed to Finance, at (240) 386-5397; or the Office of General Counsel, at (202) 728-8071.

 

This Notice was updated on 10/4/07 to correct the ZIP code on p. 3.