FINRA notified firms that the 2018 Renewal Program begins on November 13, 2017, when Preliminary Statements of fees owed to FINRA will be available to all firms. Preliminary Statements are made available in electronic (E-Bill) format and will not be mailed to firms. FINRA advised that the failure by any member to fully pay the amount owed in its Preliminary Statement by December 18, 2017 will result in such member being subject to a late fee, and could cause the member to become ineligible to do business effective as of January 1, 2018.
Final Statements will become available on January 2, 2018. Final statements will reflect fee adjustments resulting from registration terminations, approvals, notice filings or transitions that occur after the Preliminary Statements are issued. FINRA will issue a refund if a firm owes less for registrations than what was reflected on the Preliminary Statement.
FINRA provided the following important dates for the renewal process:
- October 23, 2017: Firms may begin submitting post-dated Form U5 and BR Closing/Withdrawal filings via Web CRD/IARD;
- November 1, 2017: Firms may begin submitting post-dated Form BDW and ADV-W filings via Web CRD/IARD;
- November 13, 2017: Preliminary Statements are available in E-Bill;
- December 18, 2017: Full payment of Preliminary Statements is due;
- January 2, 2018: Final Statements are available in E-Bill; and
- January 22, 2018: Full payment of Final Statements is due.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
