Web EFT Frequently Asked Questions

Getting Started & User Access

1. What functionalities does Web EFT offer?: Web EFT allows firms to upload batch filings to FINRA and retrieve downloads of registration and accounting activity. For more information, including costs and how to subscribe, please visit the main Web EFT page.
2. When will my firm's Flex-Funding Account be charged?: Your firm will be assessed the initial subscription service fee immediately once the initial subscriber packet has been processed. This fee will be deducted from your firm's Flex-Funding Account once for the entire year through your firm's next subscription anniversary (firms are not billed monthly). Going forward, the firm will be charged the subscription fee annually on the anniversary of their original subscription date.
3. Will my firm be notified when it is time to renew for the next year?: FINRA will send an email to the firm's Web EFT business contact(s) a month before their anniversary date stating that the annual EFT Renewal Fee will be deducted from the firm's Flex-Funding account. Fees are typically deducted on or about the second Monday of the month following the firm's subscription anniversary.
4. As an existing subscriber, how do I change my current service level or cancel my subscription?: For any service option changes or cancellations, the firm must complete the applicable sections of the EFT Subscription Form and submit it to FINRA.
5. If I choose to downgrade my current service level during the year, will I receive a refund?: No refunds for service downgrades will be issued. For any service option change, the firm must complete the EFT Subscription Form and submit it to FINRA.
6. Can my firm create multiple production service accounts?: Yes, multiple accounts per firm are allowed. For each service account needed, please complete the Web EFT - FINRA Entitlement Form and submit directly to FINRA Entitlement using the instructions on page one of the form. As a best practice, firms and vendors should have separate accounts for Web EFT.
7. I know that Web EFT is primarily a machine-to-machine service, but is there a user interface for troubleshooting purposes or emergencies?: Yes, the firms Super Account Administrator (SAA) can entitle themselves and others to access a user interface for Web EFT (https://webeft.finra.org). These accounts would be separate from the machine-to-machine service accounts, and are only available to firms that subscribe to Web EFT. Please contact your firm’s SAA to obtain production user interface access.

Form Filing

8. Where can I find connectivity examples and troubleshooting tips for uploading files via fileX?

Please refer to the fileX User Guide for connectivity examples and troubleshooting tips.

9. What is the maximum file size for uploads?

The maximum file size is 100MB and a file can contain no more than 5,000 separate form filings.

10. What type of encoding should be used for uploads?

Please use the encoding defined in each of the form filing schemas (i.e., UTF-8 or iso-8859-1). Form filing schemas are available here.

11. How do I know if my upload was successful?

A corresponding results file is returned for each upload, which will contain a success or failed status for each filing in the batch. Additionally, the user who uploaded the file will receive an email notification containing the status of the batch (individual filing statuses are contained in the results file). Filers are also able to provide additional email addresses within the batch to receive the same notification.

12. What is the ‘FINRA Batch ID’?

This is a reference number assigned to each uploaded batch, and is included in the automated email notifications that are sent when a file is uploaded. We recommend providing the FINRA Batch ID when contacting FINRA regarding issues with a specific batch.

13. Can I upload the same file multiple times?

No, if you attempt to upload a file with the same name as a previously submitted file within 30 days, the results file will show an error message. If the original file failed due to a schema or completeness check error, you may upload the same file again if you change the file name.

14. Can I use commented text in my XML file?

No, you should not use commented text in your XML file. Web EFT's XML parser does not recognize the standard "" XML comment syntax.

15. How should special characters (i.e. &, ', >, <, and ") be entered?

Letters (A-Z and a-z) and numbers (0-9) are the allowable characters. Symbols such as & and > have special significance in XML. Take precaution when using other characters such as an extended hyphen '–' which is not supported by the iso-8859-1 character set. The filing schema will be uploaded properly but Web CRD may not display the extended character accordingly. To enter the following special characters as data, use the encoding below to prevent confusion with XML-significant characters:

Special character	Encode	Example
&	&amp	123 K &amp West Street
'	&apos	ABC Company&aposs proposal...
>	&gt	The formula is x &gt y.
<	&lt	The value 20 is &lt 25.
"	&quot	Change &quotMaine&quot to &quotMain&quot.

16. Most form sections in the filing schemas are listed as "minoccurs=0". Does this mean that they are truly optional on all filings?

Not necessarily. Filing schemas are designed to be flexible enough to accommodate multiple filing scenarios. However, all of the Web CRD completeness checks also apply to Web EFT uploads. This means that sections can become required based on the filing scenario. Please see the CRD Form Filing Results schema file for a list of completeness checks.

17. Can we include multiple filings of different form types (U4, U5, NRF) in a single EFT upload?

Yes, filers can submit multiple filings (of the same type or different types) within the 'NSGBatch' node by using 'NSGRequest'. As the terminology suggests, each filing within the batch is a separate request.

For example:

<FilingType="Amendment"

........

</U4XMLFiling>

</NSGRequest>

<FilingType="Partial"

........

</U5XMLFiling>

</NSGRequest>

........

</NRFXMLFiling >

</NSGRequest>

</NSGBatch>

18. What does the error message "The requested form and filing type cannot be used for this individual" mean?

Form filing rules check for a valid filing type based on the firm and individual before processing. For example, if a firm previously terminated a representative, a U4 Amendment would not be an appropriate filing type for that firm to use for that scenario. These are the same rules that apply when filing through Web CRD.

19. On a U4 Amendment, why am I getting a completeness check error that is not related to the information that I am trying to amend?

All of the Web CRD completeness checks also apply to Web EFT uploads. Therefore, any pre-existing issues with an individual's record will trigger a completeness check error - even if the purpose of the filing was not connected to that specific section. Filers must resolve all completeness check errors before their filing can be successfully processed.

20. How can I update or close an item on an existing individual's record (such as a residential address, or employment history entry)?

The Individual Information Report (IIR) contains sequence numbers that serve as unique identifiers for certain items in an individual's record. Filers would use these sequence numbers to denote changes to current records. Please see the relevant sections of the schema files for more information.

21. What is the difference between CRUcode and CRUDcode? How are these codes used?

While both codes indicate the type of action (Insert, Update or Delete) being performed, CRUcode only allows values 'U' and 'I', while CRUDcode allows 'U', 'I' and 'D'. It was necessary to have two separate definitions because some U4 sections allow deletions, while others do not. Sections that allow items to be deleted use CrudCode, while all others use the CruCode.

22. Why does 'EndDt' require 'value' element in some cases and not others and how is it different from 'BeginDt'?

Date elements are typically defined strictly to be provided in a specific format (i.e. MM/YYYY and MM/DD/YYYY). However, in CRD where current addresses are provided, 'EndDt' can be a null value. Therefore 'EndDt' has to be defined as a 'nullable date' which can be either omitted or contain a valid date. Since 'nullable' and regular date formats cannot both be defined by a single datatype, the 'value' element was added. Therefore, if no end date is being provided (current record is to 'PRESENT'), then the 'EndDt' field would be completely omitted. Or if an 'EndDt' that is defined as 'nullabledate' or 'nullableshortdate' is included, then it has to be in one of the following formats:

<EndDt> <Value>09/2014</Value> </EndDt>(short date)

<EndDt> <Value>09/01/2014</Value> </EndDt> (date)

23. Can I submit multiple DRPs of the same type on a single Web EFT filing?

Yes. Just like web filings, EFT filings also allow multiple DRPs to be submitted and amended. For example, you could include multiple Bond DRPs in the same filing like this:

........DRP 1........

</BondDRP>

......DRP 2.......

</BondDRP>

</SectionDRPBond>

24. How would I amend a DRP on a Web EFT filing?

After the initial submission, each DRP is assigned a unique identifier (dsclrPK). The IIR includes this identifier once the DRP has been reviewed by FINRA. You can obtain the identifier from the IIR and use it to indicate that you are amending the associated DRP on the U4/U5 filing.

25. What form can I use to associate individuals with a Branch Office?

As in Web CRD, you can associate individuals on a Form BR Initial. After the Form BR Initial has been submitted, you would associate individuals to a Branch Office by amending their Form U4. However, a Form BR Amendment would be used if you are adding a new Branch Supervisor or Branch Person-in-Charge.

26. How can I move an individual from one branch to another using Web EFT?

File a U4 Amendment. Using the unique identifier from the IIR for the existing Office of Employment, enter an end date in the existing Branch record. Then add a new entry in the Office of Employment section with the new Branch number and start date.

27. Why am I receiving a completeness check error when I attempt to add a Professional Designation on Form U4?

When a Professional Designation is added on Form U4, the system checks against data provided by the various designating authorities to confirm that the individual currently holds that designation. If the designation cannot be confirmed, an error is returned and the individual must contact the designating authority to ensure that their information is current. (Note: Due to system limitations, the designation confirmation process is not available in the test environment and any test designation filings will always fail.)

Reports

28. Where can I find connectivity examples and troubleshooting tips for downloading reports via fileX?

Please refer to the fileX User Guide for connectivity examples and troubleshooting tips.

29. What is the difference between the Full Individual Information Report (IIR) and the Individual Information Report Delta?

In addition to the Full Individual Information Report (IIR) received weekly, firms will also receive a daily Individual Information Report Delta. The Full IIR contains data for all the individuals currently employed by the requesting firm, as well as registered representatives terminated within the previous 30 days (if requested). The Delta IIR contains only individuals whose records were modified the previous day and individuals terminated since the last report run.

30. When are reports generated?

The table below shows the expected production report generation schedule as of October 9, 2020 (all times Eastern). Although reports can often be generated earlier than the specific times listed below, reports are not considered late unless they are generated outside the published timeframes. Report generation in the test environment will generally follow the same schedule; however, maintenance and other development activity in FINRA’s lower environments will cause occasional delays in generating test reports.

Day	Arrival Time	Report	Contents
Monday	By 6 a.m.	Branch Information Report	Complete set of data through Sunday
Monday	By 6 a.m.	Individual Information Report - Delta Post Accounting Report Post Annual Continuing Education Report Post Appointments Report Post Approvals Report Post Branch Deficiencies Report Post Branch Individual Report Post Branch Status Report Post Deficiencies Report Post Enrollments Report Post Exams Report Post Fingerprint Report Post Investment Adviser Continuing Education Report Post Pending Report Post Termination Report	Data from Sunday Note: The 'Individual Information Report – Delta' delivered on Monday will have data from Saturday and Sunday.
Tuesday	By 6 a.m.	Branch Information Report	Complete set of data through Monday
Tuesday	By 6 a.m.	Individual Information Report - Delta Post Accounting Report Post Annual Continuing Education Report Post Appointments Report Post Approvals Report Post Branch Deficiencies Report Post Branch Individual Report Post Branch Status Report Post Deficiencies Report Post Enrollments Report Post Exams Report Post Fingerprint Report Post Investment Adviser Continuing Education Report Post Pending Report Post Termination Report	Data from Monday
Wednesday	By 6 a.m.	Branch Information Report	Complete set of data through Tuesday
Wednesday	By 6 a.m.	Individual Information Report - Delta Post Accounting Report Post Annual Continuing Education Report Post Appointments Report Post Approvals Report Post Branch Deficiencies Report Post Branch Individual Report Post Branch Status Report Post Deficiencies Report Post Enrollments Report Post Exams Report Post Fingerprint Report Post Investment Adviser Continuing Education Report Post Pending Report Post Termination Report	Data from Tuesday
Thursday	By 6 a.m.	Branch Information Report	Complete set of data through Wednesday
Thursday	By 6 a.m.	Individual Information Report - Delta Post Accounting Report Post Annual Continuing Education Report Post Appointments Report Post Approvals Report Post Branch Deficiencies Report Post Branch Individual Report Post Branch Status Report Post Deficiencies Report Post Enrollments Report Post Exams Report Post Fingerprint Report Post Investment Adviser Continuing Education Report Post Pending Report Post Termination Report	Data from Wednesday
Friday	By 6 a.m.	Branch Information Report	Complete set of data through Thursday
Friday	By 6 a.m.	Individual Information Report - Delta Post Accounting Report Post Annual Continuing Education Report Post Appointments Report Post Approvals Report Post Branch Deficiencies Report Post Branch Individual Report Post Branch Status Report Post Deficiencies Report Post Enrollments Report Post Exams Report Post Fingerprint Report Post Investment Adviser Continuing Education Report Post Pending Report Post Termination Report	Data from Thursday
Saturday	By 8 a.m.	Branch Information Report	Complete set of data through Friday
Saturday	By 8 a.m.	Individual Information Report - Delta Post Accounting Report Post Annual Continuing Education Report Post Appointments Report Post Approvals Report Post Branch Deficiencies Report Post Branch Individual Report Post Branch Status Report Post Deficiencies Report Post Enrollments Report Post Exams Report Post Fingerprint Report Post Investment Adviser Continuing Education Report Post Pending Report Post Termination Report	Data from Friday Note: The 'Post Accounting' report delivered on Saturday will be empty due to limitations with FINRA’s internal accounting system.
Sunday	By noon	Branch Information Report Post Annual Continuing Education Report - Full Post Investment Adviser Continuing Education Report - Full	Complete set of data through Saturday
Sunday	By noon	Individual Information Report - Delta Post Accounting Report Post Appointments Report Post Approvals Report Post Branch Deficiencies Report Post Branch Individual Report Post Branch Status Report Post Deficiencies Report Post Enrollments Report Post Exams Report Post Fingerprint Report Post Pending Report Post Termination Report	Data from Saturday Notes: The 'Post Accounting' report delivered on Sunday will contain transactions from Friday and Saturday. Also, the ‘Individual Information Report – Delta’ delivered on Sunday will be empty.
Sunday	By 10 p.m.	Individual Information Report – Full	Complete set of data through Saturday

Additional Questions

If you have additional questions regarding Web EFT, please contact us by email.