The Financial Industry Regulatory Authority recently issued a notice to member firms regarding the upcoming payment deadline for its renewal fees for 2022. In Regulatory Notice 21-39, FINRA noted that its Renewal Program “supports the collection and disbursement of fees related to the renewal of broker-dealer (BD) and investment adviser (IA) registrations, exempt reporting and notice filings with participating self-regulatory organizations (SRO) and jurisdictions.”
The notice contained a reminder that FINRA must receive full payment of its Preliminary Statement fees by Dec. 13, 2021. If payment is not received by that date, FINRA-registered firms will be assessed a late fee. Firms can still make payments until 6 p.m. on Dec. 26, but if payment is still not received by then, firms could become ineligible to do business in their jurisdictions where their registrations are not renewed. Dec. 26, 2021, is also the deadline to submit any electronic form filings to terminate a registration before year end.
FINRA’s Preliminary Statement regarding the renewal fees is sent in November, and a Final Statement is published in January to confirm or reconcile actual renewal fees owed after Jan. 1. FINRA added that firms have until Jan. 28, 2022, to report any discrepancies on their Final Statement and corresponding renewal reports.
The regulatory notice also reminded firms that FINRA’s Branch Office Processing Fee will increase from $20 to $75 on Jan. 1, 2022.
The attorneys at Lewitas Hyman include former senior attorneys at the SEC whose legal experience and industry knowledge makes them uniquely qualified to provide counsel on securities regulatory, compliance and enforcement matters. If your firm is in need of counsel for matters involving the SEC, FINRA, state securities regulatory agencies and other self-regulatory organizations, contact us at (312) 291-4600 or through our online contact form.