Renewal Program FAQ
The following frequently asked questions (FAQ) regarding renewals are applicable to broker-dealer (BD) firms. If your firm is a joint broker-dealer/investment adviser (BD/IA) firm, please be sure to review the renewal information and FAQ applicable to investment advisers on the IARD website.
- Will my firm's Preliminary and Final Statements be mailed to me?
- Are there any changes to the Renewal Program that my firm should be aware of?
- What renewal fees will be reflected on my firm's statements?
- I logged on to E-Bill to retrieve my firm's Preliminary Statement, but there wasn't one available. Why doesn't my firm have a statement?
- What is the deadline for submitting payment of my Preliminary Statement?
- What renewal payment methods are accepted?
- To whom should a renewal payment check be made payable and mailed?
- Will the amount of my Preliminary Statement change before the payment deadline date as the firm continues to request new registrations and/or submit filings to terminate registrations?
- If I pay my Preliminary Statement in full, have I fulfilled all my renewal fee obligations and completed the renewal process?
- How do I check to see that FINRA has received my renewal payment?
- How can I transfer money from my Flex-Funding Account to my Renewal Account?
- My BD firm and IA firm have the same CRD number. Am I considered a "joint" firm?
- How do I obtain a report that shows a list of everyone at my firm who was included for renewal?
- Will my "Firm Renewal Report" be automatically generated and sent to me?
- My firm submitted a post-dated Form U5 for an individual by mistake. Can the firm withdraw or cancel that filing?
- What is the last day that I can submit a form filing in CRD/IARD before year-end renewal processing occurs?
- Which regulators renew branches through CRD?
- What happens if my Preliminary Statement is not paid on time?
1. Will my firm's Preliminary and Final Statements be mailed to me?
Renewal Statements are not mailed to firms. Statements will be available via E-Bill for retrieval and printing. Preliminary Statements will be available on Nov. 16, 2020, and Final Statements will be available Jan. 2, 2021.
2. Are there any changes to the Renewal Program that my firm should be aware of?
There are no changes to the Renewal Program, but there are several system enhancements that may benefit your firm:
- As of Oct. 31, 2020, Form U4 is available in FINRA Gateway, a developing system that has several other features that firms can use to satisfy renewal obligations. However, the uniform registration forms can only be submitted during CRD/IARD hours of availability. The filing functionality in the classic CRD system also remains available. See the Registration Filing on FINRA Gateway page for more information.
- The Financial Professional Gateway (FinPro) now offers an Attestation feature that allows registered representatives to mark whether their registration record requires an update. Firms manage the Attestation feature in FINRA Gateway. Learn more about this and other features on the FinPro page.
3. What renewal fees will be reflected on my firm's statements?
Please see the Annual Renewal Program Fees section for a complete list of fees collected.
4. I logged on to E-Bill to retrieve my firm's Preliminary Statement, but there wasn't one available. Why doesn't my firm have a statement?
An approved registration status for the firm is required to generate a Preliminary Statement. If your firm did not have an approved registration in CRD as of 11 p.m. ET the night before Preliminary Statements were generated, then a statement will not be available for your firm. However, a Final Statement will be generated if your firm is approved after a Preliminary Statement is generated and before CRD/IARD shuts down for the year. If this should occur, your firm's renewal fees will be assessed on your Final Statement.
5. What is the deadline for submitting payment of my Preliminary Statement?
Full payment of your Preliminary Statement must post to your firm's Renewal Account by Dec. 14, 2020, even if your firm intends to terminate registrations before Dec. 31, 2020. Firms are encouraged to submit their electronic (i.e., E-Bill, wire transfer) payments no later than Dec. 9 for payment to post to their Renewal Account by the Dec. 14 deadline. Please review the mailing address and check payment processing times, which are detailed on the Renewal Program Payment Options page.
6. What renewal payment methods are accepted?
E-Bill allows entitled users to view and pay FINRA invoices, including Renewal Statements, as well as fund their firm's Flex-Funding Account. Firms can also transfer funds to their Renewal Account from their Flex-Funding Account or to an affiliated firm. Firms may also continue to submit renewal payments by wire transfer and check. Visit the Renewal Program Payment Options page for complete information.
7. To whom should a renewal payment check be made payable and mailed?
Firms should make their checks payable to FINRA. For details regarding the mailing address and processing of check payments, visit the Renewal Program Payment Options page.
8. Will the amount of my Preliminary Statement change before the payment deadline date as the firm continues to request new registrations and/or submit filings to terminate registrations?
No, a Preliminary Statement is assessed based on information in CRD/IARD as of 11 p.m. ET the night before this statement is generated. Any fees for approved and terminated registrations after the Preliminary Statement is generated and before CRD/IARD shuts down for the year will be reflected on your Final Statement. The Preliminary Statement must be paid in full regardless of registration changes.
9. If I pay my Preliminary Statement in full, have I fulfilled all my renewal fee obligations and completed the renewal process?
No. Since the Preliminary Statement is based on the registration statuses of your firm, its registered representatives and branches as of Nov. 13, 2020, any changes to those statuses prior to year-end have not yet been billed for renewals. Therefore, the renewal process is not complete until reconciliation occurs with your firm's Final Statement, which will be available in E-Bill Jan. 2, 2021. For firms that have an amount due, FINRA must receive your payment to your Renewal Account no later than Jan. 22, 2021. The Final Statement will list one of the following:
- Zero balance due by your firm (no further action required by your firm)
- An amount due by your firm (send payment)
10. How do I check to see that FINRA has received my renewal payment?
You can review your Flex-Funding or Renewal Account in E-Bill to confirm receipt of deposits. Check and wire transfer deposits typically take two to three business days after FINRA receives them to post to your account. Deposits requested by 9 p.m., ET, in E-Bill will appear in the appropriate account next business day.
Please note that all checks and wires are deposited into the firm Flex-Funding Account. See the Renewal Program Payment Options page for more information.
11. How can I transfer money from my Flex-Funding Account to my Renewal Account?
Firms transfer funds to their Renewal Account or between affiliated firms by using E-Bill. Please see the E-Bill User Guide for complete instructions. Beginning on Dec. 14, 2020, and through Dec. 26, 2020, if your firm has sufficient funds in its Flex-Funding Account to cover the total renewal fees due, then FINRA transfers the funds from your Flex-Funding Account to your Renewal Account.
Beginning Jan. 22, 2021, FINRA transfers funds from your firm's Flex-Funding Account to the Renewal Account for firms that still owe fees on their Final Statement.
12. My BD firm and IA firm have the same CRD number. Am I considered a "joint" firm?
Yes, your firm's Preliminary and Final Statements will reflect any applicable BD and IA firm, representatives, and branch renewal fees. For additional information regarding investment adviser renewals, visit the IARD website.
13. How do I obtain a report that shows a list of everyone at my firm who was included for renewal?
This information is available as part of your "Firm Renewal Report" and is available as a PDF or a download. To request this report, log onto CRD and select the Reports tab. See CRD Reports for more information.
14. Will my "Firm Renewal Report" be automatically generated and sent to me?
No, Renewal Reports can be retrieved via the CRD Reports tab. See the Firm Renewal Report Guide to learn how firms can use the Renewals - Firm Renewal Report and Download to identify the fees assessed per registered individual.
15. My firm submitted a post-dated Form U5 for an individual by mistake. Can the firm withdraw or cancel that filing?
No, CRD/IARD processes post-dated filings as they are submitted, so they cannot be withdrawn or canceled once submitted. If a post-dated full or partial Form U5 is submitted by mistake, then a new Form U4 or a Form U4 amendment must be submitted once CRD/IARD becomes available in the new year. New registration fees will be assessed since any registration terminated by a post-dated filing was not included for renewals.
16. What is the last day that I can submit a form filing in CRD/IARD before year-end renewal processing occurs?
All form filings must be submitted to CRD/IARD by 6 p.m., ET, Dec. 26, 2020. The Web EFT deadline is 3 p.m., ET. CRD/IARD will be unavailable to submit any filings from 6 p.m., ET, Dec. 26, 2020, through Jan. 1, 2021, due to the holidays and year-end renewal processing. From Dec. 28 through Dec. 31, CRD/IARD will be available for query-only and to create "Pending" filings, which must be submitted on or after Jan. 2, 2021. The CRD System Availability Calendar covers the current schedule.
17. Which regulators renew branches through CRD?
A fee schedule for all jurisdictions is available on the FINRA website. For renewal questions regarding a specific state or jurisdiction, please contact that state or jurisdiction directly. A directory of all the state regulatory offices can be found on the NASAA website.
18. What happens if my Preliminary Statement is not paid on time?
The following may result if a firm fails to pay its Preliminary Statement on time:
- Inability to Conduct Business: If a firm does not pay their Preliminary Statement before CRD/IARD shuts down for year-end reconciliation, the firm, its branches and representatives will fail to renew in jurisdictions that participate in the Automatic Fail to Renew Program. In these cases, the firm, its branches and representatives may no longer be able to conduct business in these jurisdictions on January 1, 2021. The 2020 CRD/IARD shutdown deadline is 6 p.m. Eastern Time on Dec. 26, 2020.
- Late Fee: If you are a FINRA-registered firm and do not pay the Preliminary Statement in full by the payment deadline, your firm will be assessed a late fee by FINRA in your firm's Final Statement that is made available on January 2. This year’s Preliminary Statement payment deadline is December 14, 2020.
Many firms schedule payment when Preliminary Statements are made available in November to ensure that late payment penalties are not imposed.