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FINRA issues regulatory notice to firms regarding renewal fees

On Behalf of | Jan 6, 2022 | FINRA Compliance

The Financial Industry Regulatory has issued a regulatory notice to member firms regarding the Final Statements of their renewal fees. Regulatory Notice 22-01 reminds broker-dealers, investment advisor firms, agents and investment advisor representatives, and branches that Jan. 28 is the deadline to remit payment in full for any additional amounts and for reporting any discrepancies to FINRA.

Firms are required to renew their FINRA, other self-regulatory organizations and states/jurisdictions registrations during the annual Renewal Program, which begins in the fourth quarter of each year.  FINRA sends Preliminary Statements in November announcing the renewal fees, and then publishes Final Statements in January to confirm or reconcile actual renewal fees owed by firms after Jan. 1. These statements include any adjustments in fees due to changes in registration, reporting statuses or notice filings after the Preliminary Statements. Firms that owe less for registrations at the end of the year are issued refunds.

FINRA issued Regulatory Notice 22-01 to help firms review, reconcile and respond to their Final Statements, and view the reports that are currently available for the annual registration renewal process. The authority encourages firms to check their Renewal Statements to confirm that FINRA has received payment and that their balance is paid in full. Those that still have an amount due on their Final Statements can pay electronically through E-Bill, send a wire transfer or mail a check.

The FINRA investigation attorneys at Lewitas Hyman have decades of experience representing clients with respect to examinations, investigations and enforcement proceedings initiated by the SEC, FINRA, state securities regulatory agencies and other self-regulatory organizations. Should you be in need of experienced counsel for regulatory compliance and enforcement matters, please contact us at (888) 655 6002 or through our online contact form.