Notice to Members 02-83
NASD to Deduct Unpaid Mediation Filing Fees from CRD Accounts
Effective February 14, 2003, NASD will begin to deduct unpaid mediation filing fees owed by member firms from members' Central Registration Depository (CRD) accounts. NASD will use the same procedures as are now used to collect delinquent arbitration fees owed by members. These procedures include sending a written invoice informing the member that the fees are due, and deducting delinquent mediation filing fees from funds maintained in a member's CRD account if the mediation filing fees are not paid within 60 calendar days after the date of the notice. If a member was represented by outside counsel in the underlying mediation, the single invoice will be sent only to the outside counsel. This policy becomes effective on February 14, 2003.
Questions regarding this Notice may be directed to Elizabeth McCoy, Assistant Director of Mediation, at (212) 858-4341 or by e-mail.