Amendment to Schedule A to the NASD By-Laws Concerning an Increased Application Fee for Member Firms With Statutorily Disqualified Individuals
TO: All NASD Members and Other Interested Persons
The NASD has amended Section 12 of Schedule A to the NASD By-Laws to increase to $1,000 the application fee imposed on a member firm that files an application seeking approval to employ or to continue to employ as an associated person an individual who is subject to a disqualification as set forth in Article II, Section 4 of the NASD By-Laws.
This non-refundable, user-based fee reduces the NASD's reliance upon general assessments by imposing a fee to recoup a portion of the costs incurred by the NASD to process and review such member firm applications.
The increased application fee will be imposed on all applications received by the NASD on and after February 29, 1988.
The text of the amendment is attached.
Questions concerning this notice can be directed to Craig L. Landauer, NASD Office of General Counsel, at (202) 728-8291.
Frank J. Wilson
Executive Vice President and General Counsel
AMENDMENT TO SCHEDULE A TO THE NASD BY-LAWS
Section 12—Application Fee for Member Firms With Statutorily Disqualified Individuals
Any member firm seeking to employ or continuing to employ as an associated person any individual who is subject to a disqualification from association with a member as set forth in Article II, Section 4 of the Association's By-Laws shall, upon the filing of an application pursuant to Article II, Section 3, paragraph (d) of the Association's By-Laws, pay to the Association a fee of $1,000.00.