This is a reminder that December 13, 2021, is the payment deadline for Broker-Dealer, Investment Adviser Firm, Agent and Investment Adviser Representative, and Branch Renewals for 2022. Firms that miss this deadline can still make payments until 6 p.m. ET on Dec. 26, 2021, but they will be subject to a late fee. If payment is not received by Dec. 26, 2021, firms risk becoming ineligible to do business in jurisdictions where their registrations are not renewed.
FINRA’s 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. FINRA communicates information about renewal fees BD and IA firms owe via a Preliminary Statement in November, and publishes a Final Statement in January to confirm or reconcile the actual renewal fees BD and IA firms owe after Jan. 1, 2022. Renewal statements reflect all applicable renewal fees assessed for BD and IA firms, branches and individuals.
Preliminary Statements
As of Nov. 8, 2021, Preliminary Statements are available for viewing and printing in E-Bill. These statements include any applicable renewal fees related to BD and IA registrations maintained through the Central Registration Depository (CRD) and Investment Adviser Registration Depository (IARD) programs. The Preliminary Statements will reflect fee changes the Securities and Exchange Commission (SEC) approved last year. Refer to SR-FINRA 2020-032 and the Renewal Fees and Payment Methods section of this Notice for more information.
Renewal Reports
Firms should request, download, and print renewal reports in CRD/IARD now that Preliminary Statements are available as of Nov. 8, 2021. These reports will be replaced with Final Statement reports on Jan. 2, 2022, and FINRA will not be able to recreate them for firms. See the Reports section of the Annual Renewal Program page for a complete list of reports.
Renewal Fees & Payment Methods
As announced in SR-FINRA-2020-032, FINRA’s Branch Office Processing fee, which includes the Branch Renewal Processing fee, will increase from $20 to $75 on Jan. 1, 2022. This new fee will affect 2022 renewal fees assessed for branches registered with FINRA. See FINRA’s complete list of Annual Renewal Program Fees and the What Am I Paying? Section of the IARD Renewal Program page for all renewal fees related to CRD/IARD.
Firms may pay electronically through E-Bill, send a wire transfer, or mail a check; however, FINRA recommends that firms remit funds via E-Bill. See the Renewal Program Payment Options page for more information. Firms are encouraged to check their Renewal Account in E-Bill to confirm FINRA has received payment and that the firm’s Preliminary Statement is paid in full. Firms can also set automated email notifications to receive confirmation when a payment posts. See the E-Bill User Guide for complete instructions.
Final Statements
On Jan. 2, 2022, FINRA makes available all Final Statements in E-Bill. These statements reflect the status of registrations, exempt reporting, or notice filings as of Dec. 31, 2021. Any fees owed as a result of registration terminations, approvals, notice filings or transitions after the Preliminary Statement appear on the Final Statement and firms will need to satisfy any additional amount owed.
For more information on 2022 renewals, check out Regulatory Notice 21-39.
MasterCompliance provides expert consulting, outsourcing, and implementation tools in planning and budgeting for your firm’s compliance responsibilities. If you would like assistance with your 2022 renewals, please contact us.