FINRA notified member firms that the 2017 Renewal Program will begin on November 14, 2016. FINRA will make online Preliminary Statements available to all firms in the E-Bill format. FINRA cautioned that failure to remit full payment of Preliminary Statements by December 16, 2016 may cause firms to become ineligible to do business in jurisdictions in which they are registered, effective as of January 1, 2017. FINRA stated that firms will be subject to a late fee if payments are not received by December 16, 2016.
FINRA will make Final Statements available on January 3, 2017. Final statements will reflect any adjustments in fees owed as a consequence of registration terminations, approvals, notice filings or transitions after the Preliminary Statement. FINRA stated that if a firm owes an amount in addition to that which was reflected on the Preliminary Statement, then the added amount will be due by January 20, 2017. If a firm owes less on the Final Statement than what was reflected on the Preliminary Statement, then FINRA will issue a refund to the firm.
FINRA highlighted the following key dates in the renewal process:
- October 24, 2016: Firms may begin submitting postdated Forms U5 and BR Closing/Withdrawal filings via Web CRD/IARD.
- November 1, 2016: Firms may begin submitting postdated Forms BDW and ADV-W filings via Web CRD/IARD.
- November 14, 2016: Preliminary Statements will be available in the E-Bill format.
- December 16, 2016: Full payment on Preliminary Statements will be due.
- January 3, 2017: Final Statements will be available in the E-Bill format.
- January 20, 2017: Full payment on Final Statements will be due.
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