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October 2005 - A Publication of the NASD Registration and Disclosure Department

2006 Renewal Program Highlights

• There will be moratorium on Mass Transfers from October 25, 2005, though January 2006 due to 2006 Renewals processing and enhancements to the Mass Transfer Program. The last day that firms can request a mass transfer is October 11, 2005. Firms are advised to plan accordingly.
  
  
• On November 7, 2005, firms may begin submitting post-dated Forms U5, BDW, and BR Closing/Withdrawal filings via Web CRD^®. All post-dated filings must be dated December 31, 2005. Post-dated terminations submitted by 11 p.m., Eastern Time (ET), November 18, 2005, will not be reflected on firms' Preliminary Renewal Statements.
  
  
• Beginning November 21, 2005, Preliminary Renewal Statements will be available for retrieval in Web CRD. Remember, your Renewal Statements are not mailed to you. On this date, you may also begin to request and view Firm Renewal Reports online.
  
  
• Beginning November 1, 2005, "Joint" (Broker-Dealer-Investment Adviser firms may begin to submit post-dated ADV-Ws. All post-dated filings must be dated December 31, 2005. Please note that all Transition Filing functionality for investment advisers will be shutdown at 11:00 p.m., ET, and will not be available again until January 3, 2006.   
      
• December 14, 2005, is the deadline for receipt of payment of your Preliminary Renewal Statement. Please note that if payment is NOT RECEIVED by the December 14, 2005, payment due date, NASD member firms will be assessed a Renewal Payment Late Fee. This Late Fee will be included as part of the firm's Final Renewal Statement in January 2006. It will be calculated as follows: 10% of a Member Firm's cumulative Final Renewal Assessment or $100, whichever is greater, with a cap of $5,000. Firms are encouraged to submit their Renewal payments no later than December 12, 2005, in order for the payment to post to their Renewal Account by the December 14 deadline. Firms risk loosing their state registration if fees are not paid in a timely manner.
  
  
• Joint Broker-Dealer/Investment Adviser firms will have a combined Renewal Statement that will be accessible through Web CRD or IARD^SM. Preliminary and Final Renewal Statements will include all applicable firm and individual fees for both Broker-Dealer and Investment Adviser registration/Notice Filings.
  
  
• Reminder that firms can submit payment for their Renewal Statement online via Web CRD/IARD E-Pay. For your convenience, a hyperlink to Web CRD/IARD E-Pay is also on your Preliminary and Final Renewal Statements.
  
  
• If you pay by check or money order, please be sure to write your firm's CRD Number and the word "Renewals" on the memo line of the check, and include a printout of the first page of the Preliminary Renewal Statement with your payment to NASD to ensure prompt processing. Submit your payment in the blue Renewal payment envelope that is included with the 2006 Renewal Program Letter that will be mailed to firms the in mid-November.
  
  
• All of your firm's termination form filings must be submitted electronically by 6 p.m., ET, December 21, 2005. 2 p.m., ET, is the deadline for submission of all EFT (electronic file transfer) filings.
  
  
• On January 3, 2006, Final Renewal Statements and Reports will be available. The deadline for receipt of payment of Final Renewal Statements is February 3, 2006.
  
  
• Do you need…..
• • the 2006 Renewal Fees for an SRO or jurisdiction?
  • an address, phone number or contact name for a jurisdiction?
  • a timeline for 2006 Renewal Program payment and filing deadlines?
  • the available 2006 Renewal Program payment methods and addresses?
  • to access Web CRD/IARD E-Pay

From the Desk of...

We are getting ready to kick off the 2006 Annual Renewal Program and hope that the information in this Bulletin provides you with the important dates and deadlines that you will need to plan and successfully renew. As retrieval of your Renewal Statement is through Web CRD, if you have not accessed that system for several few months and you do not remember your password, you may not be aware that you no longer have to contact your Account Administrator to have your password re-set. There is a new feature on the left side of the Login Screen, "Forget Password?" By clicking on this menu item, an email will be sent to you with a new password for system access.

We officially begin the 2006 Renewal Program on November 7, when you can begin submitting your post-dated Forms U5, BDWs and Form BR Closing/Withdrawal filings. The Form BR Closing/Withdrawal form one of the new branch office forms that will replace the Schedule E on October 31, when the new Branch Office Registration Program is implemented. We have again advanced the date to begin submitting post-dated filings to provide you an opportunity to submit your termination filings before Preliminary Renewal Statements are generated on November 19. Any registrations terminated on post-dated filings submitted by 11 p.m., ET, on November 18, will be excluded from your statement. Please make note that Preliminary Statements will be available on Monday, November 21, this year.

A few quick reminders, (1) if your payment has not been received, in full, and posted to your Renewal Account by the December 14, 2005, payment due date, your firm will be assessed a Renewal Payment Late Fee on its Final Renewal Statement on January 3, 2006; (2) for your convenience, there is a link to Web E-Pay on your Preliminary and Final Renewal Statements; (3) be sure to read the two Renewal-related Notices to Members (scheduled to be published in November of this year and January 2006. (4) you can always call the Gateway Call Center at (301) 869-6699 if you have questions about any aspect of the 2006 Renewal Program.

Thank you, in advance, for your timeliness in meeting the important annual Renewal Program deadlines. Our goal, like yours, is the successful renewal of your firm, your branch offices and your registered individuals for 2006.

Sincerely,

Jay Cummings
Senior Vice President 
NASD

2006 NASD Renewal Program Begins

The 2006 NASD Broker-Dealer and IARD (Investment Adviser Registration) Renewal Program begins on November 21, 2005, when online Preliminary Renewal Statements are available in Web CRD and IARD. This annual program simplifies the registration renewal process for more than 27,000 Broker-Dealer (BD) and Investment Adviser (IA) firms and approximately 700,000 registered representatives and 185,000 investment adviser representatives with the payment of one amount to NASD by the December 14, 2005, deadline.

Renewal Statements will include the following fees: NASD Web CRD/IARD System Processing Fees, Branch Office Fees (NASD, New York Stock Exchange [NYSE], states participating in the Branch Office Registration Program) as well as NYSE, American Stock Exchange (Amex), Chicago Board Options Exchange (CBOE), International Securities Exchange (ISE), Pacific Exchange (PCX) and Philadelphia Stock Exchange (PHLX) Maintenance Fees. The statement will also include jurisdiction Agent, state Broker-Dealer, and if applicable, state Investment Adviser firm and representative Renewal Fees.

Members should read; this Bulletin; the Renewal Program Notice to Members that will be posted in November; any instructions posted to this Web site; if applicable, the IARD Web site and any other mailed information to ensure continued eligibility to do business in the jurisdictions effective January 1, 2006.

What Firms Can Retrieve and Request as of November 21, 2005

Preliminary Renewal Statements

Beginning November 21, 2005, Preliminary Renewal Statements will be available for viewing and printing for all firms on Web CRD and IARD. The Statements are not mailed to firms. NASD must receive full payment of your November Preliminary Renewal Statement amount no later than December 14, 2005. If payment is NOT received by the December 14, 2005, payment due date, NASD member firms will be assessed a Renewal Payment Late Fee. This Renewal Payment Late Fee will be included as part of the member firm's Final Renewal Statement and will be calculated as follows: 10% of a member firm's cumulative Final Renewal Assessment or $100, whichever is greater, with a cap of $5,000. Please see Notice to Members 02-48 for details.

To retrieve your Preliminary Renewal Statement in Web CRD, do the following:

• Logon to Web CRD
  
  
• You will be required to enter your User Name and Password.
  If you have not logged onto Web CRD for several month and have forgotten your password, you can now click on the "Forgot Password?" menu item on the left-hand side of the Login Screen and a new password will be emailed to you. You no longer have to contact your Account Administrator to re-set your password.
  
• • Accept the Disclaimer (The system will then display the Site Map).
    
    
• From the Site Map, click on the Renewal Statement link under the Accounting section.
  
  
• If paying by check or money order, print the statement (mail the first page of the statement along with your firm's payment).
  
• • NASD must receive full payment of your firm's Preliminary Renewal Statement by Wednesday, December 14, 2005.

The Preliminary Renewal Statement lists:

• NASD Web CRD/IARD System Processing Fees
  
• • The CRD System Processing Fee of $30.00 will be assessed for each person who renews his/her registration with any regulator through Web CRD.
    
    
  • For 2006 Renewals, NASAA is waiving the annual $100 System Processing Fee for IA firms and the annual $45 System Processing Fee for IA representatives. Additionally, for the 2007 Renewals and onward, NASAA is reducing the annual $100 System Processing Fee for IA firms by 30% to $70.
    
    
  • For SEC-registered IA firms, the IARD Firm Annual Fee is due at the time the firm files its Annual Amendment Filing, which is within 90 days after the firm’s fiscal year-end. The SEC has approved a waiver of IARD filing fees for all SEC-registered advisers with respect to Form ADV Annual Updating Amendments filed from November 1, 2005, through October 31, 2006.
    
    
• NASD Branch Office Fees
  
• • The NASD Branch Office Renewal Fee of $75 per branch, based on the number of active NASD branches in Web CRD as of December 31, 2005, will be assessed. Please be aware that if you file a Form BR to register a branch office in 2005, you will be assessed an NASD Branch Office Registration Fee of $75 at the time the filing is submitted. Additionally, you will also be assessed an NASD Branch Renewal Fee of $75 for 2006 on your Renewal Statement.
    
    
• New York Stock Exchange (NYSE), American Stock Exchange (Amex), Chicago Board Options Exchange (CBOE), International Securities Exchange (ISE), Pacific Exchange (PCX) and Philadelphia Stock Exchange (PHLX) Maintenance Fees for firms that are registered with those exchanges are based on the number of registered personnel.
  
  
• Jurisdiction Agent, jurisdiction Broker-Dealer, and if applicable, jurisdiction Investment Adviser firm and Investment Adviser representative Renewal Fees.
  
• • The State of California will collect its firm Broker-Dealer Renewal fees through Web CRD. However, California will not collect its Agent (AG) Renewal fees through the Renewal Program. Firms registered in California should contact the state directly to ensure compliance with renewal requirements.
    
    
  • A matrix, that includes a list of Broker-Dealer Renewal Fees for the jurisdictions that participate in the Broker-Dealer Renewal Program, is posted on this Site.
    
    
  • Matrices that include a list of 2006 Renewal Fees for Investment Adviser firms and Investment Adviser representatives for the states that participate in the IARD Program, is posted on the IARD Web site under the Fees and Accounting menu selection.

In addition, some participating jurisdictions may require steps beyond the payment of Renewal Fees to NASD to complete the Broker-Dealer or Investment Adviser renewal process. Firms should contact each jurisdiction directly for further information on their renewal requirements. An SRO Directory is located under the Directories menu item of the CRD Page of this Web site, and a state directory can be found on the North American Securities Administrators (NASAA) Web site.

If you are a "Joint" Broker-Dealer/Investment Advisor firm, you can find detailed information regarding Investment Adviser renewals on the Investment Adviser Web site.

Renewal Payment

Daily Account Vs. Renewal Account

Every firm has two financial accounts with Web CRD. The first is the Daily Account. Most payments are deposited in this account throughout the year; and, fees for new registrations, examinations, and terminations are charged to this account.

The second account, or the Renewal Account, is used only during the annual Renewal Program. The payment you send with your Preliminary Renewal Statement is deposited in this account. You must have funds in this account by December 14, 2005, to successfully renew for 2006. Your account number is the same as your firm's CRD Number. If you opt to mail your Renewal payment, be sure to send the check to the Renewal payment address listed in this Bulletin. Please print and include the first page of your Preliminary Renewal Statement and write your firm's CRD Number and the word "Renewals" on the memo line of the check.

Firms have several options for payment of their Renewal Statements. You may submit your payment by:

• Electronic Payment via Web CRD/IARD E-Pay
• Check
• Wire Transfer
• Transfer of Funds from your Daily Account

Web E-Pay

Firms may choose to submit electronic payments to fund their Renewal Account through a Web-based, on-line application known as Web CRD/IARD E-Pay. The E-Payment application was designed to be simple and easy to use. It is accessible from your Preliminary and Final Renewal Statements, this Web site, or the IARD Web site, www.iard.com, and allows you to make an ACH payment from a designated bank account to your Web CRD Renewal Account.

You can establish an E-Pay User ID and set an E-Pay Password by completing a simple online Enrollment Form available through the E-Pay application. E- payments that are submitted by 8:30 p.m., ET, should be posted within two business days to your Daily and/or Renewal Accounts. In order for funds to be posted to your Renewal Account by December 14, 2005, payment must be submitted electronically, no later than Monday, December 12, 2005. 

Check

Payment of your Preliminary Renewal Statement may also be made in the form of a check made payable to NASD. The check should be drawn on your firm's account, with the firm's CRD Number and the word "Renewals" included on the memo line of the check.

To ensure prompt processing of your Renewal payment check:

• Include a printout of the first page of your Preliminary Renewal Statement with payment.
• Do not include any other forms or fee submissions.
• Write your firm's CRD Number and the word "Renewals" on the check memo line.
• Be sure to send your payment in the blue, pre-addressed Renewal payment envelope that NASD mails to you.

If you misplace the blue payment envelope, submit your payment, along with a printout of the first page of your online Preliminary Renewal Statement to:

U.S. Mail

NASD, CRD-IARD

P.O. Box 7777-W8705
Philadelphia, PA 19175-8705
Note: This P.O. Box will not accept courier or overnight deliveries.

 

or

 

Courier/Overnight Delivery
NASD, CRD-IARD
W-8705
701 Market Street 199-3490
Philadelphia, PA 19106-1532

Provide the following phone number if one is required for the recipient: (301) 869-6699.

Use the full address, including the "W8705" number in the address to ensure prompt processing.

Please note that the addresses for Renewal payments are different from the addresses for funding your firm's CRD or IARD Daily Account.

Wire Transfer

Firms may wire payment of their Preliminary Renewal Statement by requesting their bank to initiate the wire transfer to: "Mellon Financial, Philadelphia, PA".  Provide your bank with the following information:

Transfer funds to: Mellon Financial, Philadelphia, PA
ABA Number: 031 000 037
Beneficiary: NASD
NASD Account Number: 8-234-353
Reference Number: Firm CRD Number and the word "Renewals"

To ensure prompt processing of your Renewal payment by wire transfer:

• Remember to inform your bank the funds are to be credited to the NASD Bank Account.
• Provide your firm's CRD Number and the word "Renewals" as reference only.
• Record the Confirmation Number of the wire transfer given by your bank.

Although wires are normally processed within 24 hours, during the very busy Renewal season, please allow two business days.

Payment by Transfer of Funds from Daily Account

If your firm has sufficient funds available in its Daily (Registration) Account to cover the total amount due on either your Preliminary or Final Renewal Statement, the funds may be transferred to your firm's Renewal Account. To request this transfer, call the Gateway Call Center at (301) 869-6699.

To Check On The Deposit Of Renewal Payments

You should query Web CRD to see if your Renewal payment has been received and processed by NASD:

• Logon to Web CRD and from the CRD Main Site Map, click on the Renewal Statement link under the Accounting section
• Click on Deposit Detail under the "Renewal Account Information" menu
• Enter a date range in the "Deposit Detail Search" window
• Click on Search

Affiliated Firm Payments

If your check or wire payment is not reflected in the firm's Renewal Account, it may have been misapplied. Misapplications can occur due to the following situations:

• The payment may have been credited to the parent firm's CRD Daily or Renewal Account if the parent firm sent the payment on behalf of an affiliated firm.
  
  
• The payment may have been credited to the affiliated firm's CRD Daily or Renewal Account if the affiliated firm sent the payment on behalf of a parent firm.
  
  
• The payment may have had an incorrect firm CRD Number or unrecognizable name if a clearing firm sent the payment and, therefore, was held by the NASD Finance Billing Department for research.
  
  
• The payment may have had an incorrect lockbox number used in the address and may have been posted to another NASD billing system. (NASD uses a variety of lockboxes for specific types of payments, e.g., CRD Renewals, CRD Daily Account, Advertising Regulation, Assessments, etc.)

For cases such as this, contact the Gateway Call Center at 301.869.6699. Please supply as much information relating to these situations as possible so that we can research your payment and make a prompt correction.

Payment Instructions For Affiliated Firms:

• To avoid misapplications of Renewal payments for affiliated firms, please be certain to:
• Write the CRD Number of the firm for which the payment is to be applied on the check.
• Include the first page of the affiliated firm's Renewal Statement.
• Write the word "Renewals" on the front of the check.
• Verify that you have the correct lockbox number for Renewal payments on your envelope

Post-Dated Agent and Investment Adviser Representative Terminations

Beginning November 7, 2005, Web CRD will electronically accept Forms U5 submitted on behalf of agents or investment adviser representatives with a post-dated termination date of December 31, 2005. Under this procedure, if the Form U5 filing indicates a termination date of December 31, 2005, an individual may continue doing business with a regulator until the end of the calendar year without being assessed Renewal Fees for that regulator. If Forms U5 (either Full or Partial) are filed electronically via Web CRD by 11:00 p.m., ET, November 18, 2005, for Agents (AGs) and/or Investment Adviser representatives (RAs) terminating in one or more state affiliations, those individuals' Renewal Fees will not be included on your Preliminary Renewal Statement. Post-dated Form U5 filings submitted between November 21, 2005, and December 21, 2005, will be reconciled on the firm's Final Renewal Statement.

The deadline for submitting post-dated Forms U5 via Web CRD is 6 p.m., ET, December 21, 2005. Filings submitted via Web EFT must be submitted by 2 p.m., ET, on that date. All post-dated Form U5 filings must contain a termination date of December 31, 2005.

Broker-Dealer State and SRO Terminations

The CRD Phase II Program allows firms requesting terminations (either full or partial) to file electronically their Forms BDW with Web CRD to avoid the assessment of Renewal Fees with those regulators that are designated on the form, provided that the regulator is a CRD Phase II participant.

For firms that wish to terminate an affiliation before year-end 2005, the deadline for filing Form BDW via Web CRD is also 6 p.m., ET, December 21, 2005. This same date applies to the filing of Forms BDW with the regulators that are not participating in Phase II. Post-dated Forms BDW filed with Web CRD will be accepted and processed in the same manner as post-dated Forms U5.

There are four regulators that currently are not participating in the CRD Phase II Program. They are:

• American Stock Exchange
• New York Stock Exchange
• Pacific Exchange
• Philadelphia Stock Exchange

Firms requesting termination with any of these regulators must submit a paper Form BDW directly to the regulator, as well as electronically file through Web CRD.

Broker-Dealer Branch Office Terminations

In order to terminate a branch office, submit a Form BR Closing/Withdrawal filing on Web CRD. A Form BR Closing/Withdrawal filing may be submitted to close any branch office that has previously been registered in Web CRD via a Schedule E filing.

For your convenience, from November7, 2005, through December 21, NASD is accepting post-dated Form BR Closing/Withdrawal filings. The Form BR Closing/Withdrawal filing must be post-dated to December 31, 2005. A post-dated Form BR Closing/Withdrawal filing may be used to delete branches that your firm will be closing as of year-end 2005. The Form BR Closing/Withdrawal should be filed as early as possible and must be electronically submitted no later than 6 p.m., ET, on December 21, 2005, via Web CRD.

Please exercise care when submitting your post-dated Form BR Closing/Withdrawal filings. Once submitted, the Web CRD system will process these filings, and NASD cannot withdraw a deleted branch once the filing has been submitted and processed. If a Form BR Closing/Withdrawal is erroneously filed, your firm will need to submit a Form BR, on or after January 3, 2006, to add the branch. Additionally, a Branch Registration Fee of $75 will be charged.

Investment Adviser Firm Terminations

"Joint" B-D/IA firms may begin submitting post-dated Forms ADV-W on November 1, 2005. Submitting a full or partial post-dated Form ADV-W electronically with a termination date of December 31, 2005, via the IARD System, allows an IA firm to continue doing business with a state until the end of the calendar year. The only termination date that may be entered for a post-dated Form ADV-W is December 31, 2005. Please note that Notice Filings can be cancelled by submitting a Form ADV Amendment. Notice Filing cancellations are systematically effective December 31, 2005.

Post-Dated Termination Filings Cannot be Withdrawn

Firms should exercise care when filing post-dated Forms U5, BDW, ADV-W and Forms BR Closing/Withdrawal. The Web CRD and IARD Systems will process these filings immediately as they are submitted. NASD cannot withdraw a post-dated filing. To resolve a post-dated termination filing made in error, the firm will have to electronically file a new Form U4, BD, ADV or Form BR, as appropriate, after the December 31, 2005, termination date. The first time that the firm will be able to do this will be January 3, 2006. All applicable registration fees will be assessed.

A Guide to the Renewal Reports

Beginning November 21, 2005, the Renewal Reports are available in Web CRD for firms to request, view, print and/or download. The reports are provided to assist your firm with the Renewal process.

• Preliminary Renewal Reports may be requested on or after November 21, 2005.
• Final Renewal Reports may be requested on or after January 3, 2006.

Preliminary Renewal Reports

There are three reports available for reconciliation with your Preliminary Renewal Statement. The reports are provided in PDF and download formats. They are:

• Firm (Agent) Renewal Report - applicable to Broker-Dealer and Investment Adviser firms. This report lists all personnel with the NASD, NYSE, AMEX, CBOE, ISE, PCX, PHLX, and/or each jurisdiction approved as of November 19, 2005, when your Preliminary Renewal Statement was generated. It will include billing codes if your firm has supplied them.
  
• • The agents listed in this report are registered with your firm and will be charged Renewal Fees for the year 2006 as reflected in your Preliminary Renewal Statement.
    
    
• Branches Renewal Report - applicable to firms. This report lists each of your branch offices registered with NASD plus any branches registered with the New York Stock Exchange and/or states participating in the Branch Office Registration Program for which you are being assessed a fee. Use this report to reconcile your records. All firms that have
  registered branches should review this report, and if appropriate, file address or supervisory changes via Web CRD. This will ensure that Web CRD maintains an accurate and complete address record.**
  
• • This report will allow your firm to determine if any inactive branches are still open on Web CRD. If this is the case, a Form BR Closing/Withdrawal filing should be submitted to close the branch(es).**

** In order to effect these changes and avoid charges on your Final Renewal Statement, the Form BR Closing/Withdrawal filing must be submitted no later than 6 p.m., ET, December 21, 2005.

• Approved AG Reg Without NASD Approval Report - applicable to NASD member firms. This report contains all individuals associated with your firm who are not registered with NASD but are still registered with one or more states in Web CRD. Form U4 applications that have been filed and that do not have an NASD registration, but are approved in a state, will create discrepancies. These discrepancies often result from incomplete applications, failed exams, funds deficiencies, or agents not meeting filing requirements within the allotted time periods.
  
• • This report should be used to determine if any NASD registrations should be requested or jurisdictions terminated. The agents appearing on this list need to be either fully terminated via a Form U5, or made current by submitting a Form U4 Amendment to request an NASD registration and license. Please be aware that if none of the agents registered with your firm meet the above criteria, the report you request will not display any data.
    
    
  • This report contains the name, CRD Number, and reason for non-registration of each agent. An active NASD registration is needed for an individual to be registered with a jurisdiction. The reconciliation of this report will ensure the accuracy of your year-end Renewal Report.
    
    
  • If the individuals on this report are no longer registered with your firm, please submit a Form U5 to terminate the affiliation; or, if the individuals are to remain registered with your firm, please submit a U4 Amendment on Web CRD.

Final Renewal Reports

On or after January 3, 2006, firms will be able to request their Final Renewal Reports. They are:

• Firm Renewal Report - applicable to Broker-Dealer and Investment Adviser firms. This report will list all renewed personnel with the NASD, NYSE, AMEX, CBOE, ISE, PCX, PHLX, and/or each jurisdiction. Persons whose registrations are "approved" with any of these regulators between November 21, and December 21, 2005, will be included in this report, while registrations that are still pending approval or are deficient at year's end will not be included in the 2006 Renewal Program, nor will they be listed on the report. If your firm has supplied billing codes, they will be available on this report.
  
  
• Branches Renewal Report - applicable to Broker-Dealer and Investment Adviser firms. This report lists each of your branch offices renewed with NASD plus any branches renewed with the New York Stock Exchange or states participating in the Branch Office Registration Program. Firms should use this report to reconcile their records for renewal purposes.

Additional information and instructions concerning the Final Renewal Reports will appear in the January 2006 Notices to Members. 

Requesting Renewal Reports

Firm Renewal Reports are not automatically generated. Firms must request them under the Request Reports tab in Web CRD. They will appear in the firm's Report Mart.

It is easy to request a report:

• From the Web CRD Site Map, click on Request Report under the Reports section. (If you do not have entitlement to the Reports privilege, please contact your Account Administrator.)
  
  
• Select the report that you would like to receive by clicking on the report title. You will need to submit all required information for fields with an asterisk (*) next to them.
  
  
• Click the Submit button. (You will receive a Report ID Number that you will later use to view the report.)

Most reports will be available to view shortly after you submit your request.

Viewing Renewal Reports

To view your Renewal Report:

• Click on View Report under the Reports section. (A new window will appear that will list all of the reports that your firm has requested.)
  
  
• In the Request # column, click on your Report ID Number. The link will either open the report in the browser window or prompt you to save the document to your computer depending on the format for the report that you requested.
  
  
• Some reports may take longer than others to appear in View Reports. If you do not see your report when you first go into View Reports, please check back in another 15 to 20 minutes.
  
  
• Reports will expire after a certain amount of time. For example, a Branches Renewal Report will remain in your Report Mart for 60 days. The length of time each report remains in your Report Mart is detailed in the Glossary for your reference.

Information regarding how to request and read Web CRD Reports can be found in Chapter 11 of the Web CRD User's Manual. If you still have questions about the Renewal Reports or how to request or view them, contact the Gateway Call Center at (301) 869-6699.

Downloading Renewal Reports

The download format is useful if you have large quantities of data and you wish to view the report in a different format or sort it differently.  With the download report, you may import the data into a spreadsheet or database so that you can manipulate the data to better meet your needs.

To import a download report into Microsoft Excel, follow these steps:

1. The file that you download from Web CRD will be a ZIP file. The ZIP file compresses the size of the file(s), allowing for quicker download times. In order to "unzip" the file, you must have a compression program such as WinZip. This program may already be on your computer. If it is not, you may download it for free from many sites on the Internet. Please see your technology department for more information if you need assistance.
2. Unzip the file and save it to a location on your computer.
3. Open Microsoft Excel.
4. Click File, then Open. At the bottom of the dialogue box, you will have the option to change the Files of Type:
   1. Change this option to All Files.
   2. Proceed to open the file that you just extracted.
5. The Text Import Wizard will appear:
   1. Step One: click Delimited, then Next. You may start the import at Row 1.
   2. Step Two: check the box for the delimited Other. In the textbox next to it, type in a pipe, "|" -- this key is typically found above the Enter key on your keyboard. You may then click Next.
   3. Step Three: the default option should be a General Column Data Format. Click Finish.

The data will now be arranged into separate columns and rows. Excel allows the user to sort information quickly and easily.  In order to sort the information in your report, follow these steps:

1. Click Ctrl-A to Select All.
2. Click Data, then Sort. 
3. Select the column by which you would like to sort the information (Column A, for example), then click OK.
4. If the information is not sorted the way that you want, click Ctrl-Z to Undo the sort.

What Firms can Retrieve and Request as of January 3, 2006

• Beginning January 3, 2006, your firm may once again begin submitting filings for processing in Web CRD and IARD. At this time, any pending form filings in your queue may be submitted. It is important for you to know that if a post-dated termination filing was processed during year-end Renewal processing on behalf of an individual, any pending filings you had for that individual will become "read" only as of January 3, 2006.
  
  
• Beginning January 3, 2006, your Final Renewal Statement will be available in Web CRD. If you have an "amount due", please be aware that the deadline for receipt of payment, in full, of that amount is February 3, 2006.
  
  
• Beginning January 3, 2006, IA Transition Filings can be created and submitted.
  
  
• Beginning January 3, 2006, you may request your Final Renewal Reports.
  
  
• Beginning January 3, 2006, firms may request refunds, from their Daily Accounts, of Renewal overpayments (where applicable).

Final Renewal Statements

Beginning January 3, 2006, your Final Renewal Statement will be available on Web CRD. This statement will reflect the final status of firm branch and agent registrations as of December 31, 2005. Any adjustments in fees owed as a result of registration terminations or approvals subsequent to the Preliminary Renewal Statement will be in this final, recalculated statement. The total fees are based on the year-end calculation for the number of agent and firm registration approvals held by your firm subject to year 2006 Renewal Fees (as assessed by the participating states and the NYSE, AMEX, CBOE, ISE, PCX, and PHLX). Since this reconciled statement has been adjusted to reflect the payments you made in response to the November Preliminary Renewal Statement, the "Amount Due" reflects any additional amount due that your firm owes NASD. If, as a result of additional terminations after your Preliminary Renewal Statement was generated, your firm has overpaid Renewal Fees, the money will be automatically transferred to your firm's Daily Account as a part of the year-end processing. You can view the deposit in your Transfer Detail. All refunds should be requested from your Daily Account.

For the retrieval and payment of your Final Renewal Statement, follow these steps:

1. Logon to Web CRD
2. From the Site Map, click on the 'Renewal Statement' link under the 'Accounting' section.
3. • If your statement shows the amount due to be greater than the amount initially paid (i.e., positive amount or debit balance), then your firm needs to pay the balance to NASD by February 3, 2006.

The Final Renewal Statement will list:

• The number of agents with your firm with approved registrations with specific regulators and the amount paid to the regulators to renew their registrations.
  
  
• The regulators with which your firm is registered and the amount paid to the regulators to renew the registrations.
  
  
• The number of agents having an approved registration with NASD for 2006 and the amount paid to NASD. This appears on the statement as the NASD Personnel Assessment Fee. (Again this year the Statement will indicate a "0" amount since the NASD Personnel Assessment Fees are no longer assessed through the annual Renewal Program.)
  
  
• The NASD System Processing Fee, which will be charged for any agent who is renewed through Web CRD regardless of the regulator with which the agent is registered.
  
  
• The number of branch offices having a renewed registration with NASD, the New York Stock Exchange and states participating in the Branch Registration Program for 2006 and the amount paid to NASD.
  
  
• The total adjusted amount due. If the amount due is less than the amount initially paid, the firm will be credited. Please note that this year, if the firm is due a credit, on January 3, 2006, NASD will transfer the credited amount to the firm's Daily (registration) Account. Conversely, if the amount due is greater than the amount initially paid, the firm needs to pay the balance by February 3, 2006.
  
  
• For firms that failed to renew with regulators other than NASD, only NASD-related fees (i.e., Branch Fees, NASD Registration Fees, and the System Processing Fee) will appear on the Final Renewal Statement.

Next Steps

• Amount Due: If a firm has more agents and/or branch offices registered at year's end than it did in November when the Preliminary Renewal Statement was generated, the Final Renewal Statement will have an "amount due" (i.e., positive amount or debit balance), then the total NASD, AMEX, CBOE, ISE, PCX, PHLX, and jurisdiction fees paid on your behalf exceeded your Preliminary Renewal payment.
  
• • Firms must submit payment by February 3, 2006.
  • Firms may submit their payment for their Final Renewal Statement by:
    
  • • Electronic Payment via Web CRD/IARD E-Pay
    • Check - Make checks payable to NASD and be sure to indicate your firm's CRD Number on the check.
    • Wire Transfer
    • Transfer of Funds from Daily Account - to request a transfer from your Daily (registration) Account to your firm's Renewal Account call the Gateway Call Center at (301) 869-6699.
      
      
• Credit Due: If your firm's Preliminary Renewal payment exceeded your total Renewal Fees due as of year-end processing due to additional terminations between November 21, 2005 and December 21, 2005, your overpayment will be transferred automatically to your Daily Account. You may request a refund check from NASD from your Daily Account or may leave the funds in your Daily Account to use for future registration-related fees. To request a refund check, have an appropriate signatory sign the first page of the Final Renewal Statement and mail it by February 3, 2006, to NASD. Firms should send Renewal Refund requests to:

NASD 
Decoverly 
Registration Management-CRD Accounting 
9509 Key West Avenue 
Rockville, MD 20850 
(240) 386-4848

Final Renewal Reports

On or after January 3, 2006, firms will also be able to request their Final Renewal Reports in Web CRD. The Final Renewal Reports are:

Firm Renewal Report

Branches Renewal Report

These reports should be made a permanent part of your records. Additional information regarding Final Renewal Statements and Reports will be available in a January 2006 NASD Notice to Members.

Report Discrepancies

If your firm finds any discrepancies between its records and those maintained on Web CRD, either contact the Gateway Call Center at (301) 869-6699 and have copies of appropriate documentation readily available; or, report the discrepancy, in writing, to the NASD Registration and Disclosure Department Registration Management-Research Unit no later than February 3, 2006. Copies of all appropriate documentation (such as Notices of Approval/Termination, copies of U4s or U5s or Form BR Closing/Withdrawals, etc.) should be included.

Send Renewal Report discrepancies to:

NASD
Decoverly 
Registration Management—Research 
9509 Key West Avenue 
Rockville, MD 20850 
(301) 869-6699

If your review of the Final Renewal Report reveals any NYSE/AMEX/CBOE/ISE/ PCX/PHLX or jurisdiction discrepancies between your records and those maintained in Web CRD, report the discrepancy to NASD, in writing.

NASD Reports Registration Renewals To Regulators

All firms and individuals listed in the Firm Renewal Report that renew or failed to renew will be reported to each respective regulator for calendar year 2006.

The Final Renewal Reports should be reviewed promptly to determine if all state Broker-Dealer firm, Agent (AG) and if applicable, Investment Adviser firm and Investment Adviser representative (RA) registrations, have been appropriately renewed for 2006.

If Your Firm Fails to Renew

If your firm fails to pay the full amount due on its Preliminary Renewal Statement, the Agent (AG) and Investment Adviser representative (RA) registrations will terminate as of December 31, 2005. The firm will have to contact each regulator in which it was registered to request individual re-registration instructions. Please be advised that many jurisdictions levy fines for failure to renew properly.

On January 3, 2006, you will be able to retrieve a Final Renewal Statement that has been adjusted for NASD fees only, including a list of NASD branch offices and a list of agents registered with the NASD. If the firm pays the Final Renewal Statement, in full, the NASD registration only can be renewed for 2006.

All jurisdiction Agent (AG) [and if applicable Branch, and Investment Adviser representative (RA)] registrations for your firm will terminate effective December 31, 2005, except California, which does not assess its annual Renewal fees for Agents through the 2006 NASD Renewal Program., Your firm's jurisdiction registration will be terminated effective December 31, 2005, if your firm was registered for 2005 in a jurisdiction that participates in the Web CRD/IARD Automatic Failure To Renew Program. This program provides jurisdictions the ability to authorize NASD to systematically terminate the firm's registration, on behalf of the jurisdiction, with a termination date of December 31, 2005, if the firm fails to pay the full amount of its Preliminary Renewal Statement. Please note: all Agent (AG) and Investment Adviser representative (RA) registrations and Branch Registrations will be systematically terminated if a firm fails to pay its Renewal Fees, regardless of whether a jurisdiction participates in the Auto Fail to Renew Program on a firm level.

Your firm will have to contact the jurisdictions in which you were registered for further instructions and information on reapplying for firm and/or individual registrations. If you are instructed by a state to re-file Forms U4, Form BR and/or Form BD with Web CRD to reinstate Agent (AG), Investment Adviser representative (RA), Branch or Broker-Dealer registrations or Form ADV to reinstate Investment Adviser firm registration/Notice Filing, your firm will be assessed the applicable registration fees.

If your firm fails to renew and your firm's registration is terminated in a jurisdiction because the jurisdiction participates in the Automatic Fail To Renew Program, contact the jurisdiction for further instructions and information on reapplying for firm registration.

Year 2006 Renewal Program - Auto Fail to Renew Participation

Current as of 10/04/2005

^ Denotes jurisdictions that have requested a change in participation for this Renewal season.

Tips for Joint Broker-Dealer/Investment Adviser Firms

• Joint Broker-Dealer/Investment Adviser firms will have a combined Renewal Statement that is accessible through Web CRD and/or IARD. Look for all applicable Investment Adviser firm and Investment Adviser representative (RA) Renewal Fees and Branch Renewal Fees  in a separate section of your Renewal Statement.
  
  
• Beginning November 7, 2005, Web CRD will electronically accept Forms U5 and Form BR Closing/Withdrawal filings with a post-dated termination date of December 31, 2005 to terminate Investment Adviser representative (RA) jurisdiction registrations and any applicable jurisdiction Branch registrations.
  
  
• Beginning November 1, 2005, IARD will begin to accept post-dated Form ADV-W filings with a post-dated termination date of December 31, 2005.
  
  
• Transition Filing functionality will not be available in Web CRD and IARD from November 15, 2005, through January 2, 2006. 
  
  
• Make sure that NASD receives full payment of your Preliminary Renewal Statement by December 14 2005, to ensure renewal of your Broker-Dealer firm, branch and agent registrations, investment adviser firm jurisdiction registrations/Notice Filings and investment adviser representative and branch jurisdiction registrations.
  
  
• If a jurisdiction gives/has an 'RA Discount Fee,' it is only applicable to an individual that is both an IA representative (RA) and a Broker-Dealer agent (AG) with your firm.
  
  
• The NASD Renewal Program facilitates the annual renewal of IA firms and their branch and representatives' registrations with the jurisdictions. The program is not relevant to and does not involve fees associated with your firm's SEC registration.
   
• For additional 2006 IARD Firm Renewal information, please read the IARD Renewal Bulletin.

Tips to Successfully Renew for 2006

• Submit payment to NASD by December 12, 2005, so funds will be posted to your firm's Renewal Account by the December 14, 2005, receipt of payment deadline.
  
  
• Pay the total amount due on your Preliminary Renewal Statement.
  
  
• Use Web CRD/IARD E-Pay for faster receipt of your Renewal payment.
  
  
• If paying by check, use the pre-addressed blue payment envelope or send payments to the Renewal payment addresses, not the addresses you submit payment to throughout the year to fund your Daily (Registration) Account. 
  
• • Remember to write your firm's CRD Number and "Renewals" on the memo line of the check.
    
    
  • Print and include the FIRST PAGE of your Renewal Statement with your payment.
    
    
• Do not combine check payments for affiliated firms (i.e., simultaneous filers, etc.)
  
  
• Submit all termination form filings (including Forms U5, BDWs, Forms BR Closing/Withdrawal, ADV Amendments and ADV-Ws) on or before 6 p.m., ET, December 21, 2005.
  
  
• Submit all EFT (electronic file transfer) filings on or before 2 p.m., ET, December 21, 2005.
  
  
• Promptly access your Preliminary and Final Renewal Statements.
  
  
• Request your Renewal Reports and use them to reconcile your records.

Questions?

For questions about the 2006 Annual Renewal Program, please contact the Gateway Call Center at (301) 869-6699.