IARD Accounting

Last updated on: 11/17/06

Every firm authorized to use the IARD system has a financial account with FINRA. The IARD system will collect and disburse state registration and Notice Filing fees on behalf of the filer. The following provides a high-level overview of the IARD Accounting functionality and key terms. For more detailed information on IARD Accounting, please refer to the IARD Firm User's Manual and go to the Accounting Chapter.

The Accounting Function
Your IARD Account Balance
Your IARD Account Status
IARD Account Types
Daily Account Queues
Accounting Reports
IARD Daily Account: Payment Methods and Addresses
IARD Funds Tranfer Requests
How to Request a Refund From Your IARD Daily Account

The Accounting Function:

  • The IARD system provides firms and FINRA with the ability to view detailed financial account information specific to your firm.

  • Every firm entitled to the IARD system must have a financial account with FINRA.

  • The IARD system will collect and disburse state registration and Notice Filing fees on behalf of the filer.

  • The system will also collect IARD system fees that are charged when the firm’s first electronic Form ADV filing is made (Initial Set-up Fee) and annually thereafter (Annual Fee).

  • Filings made during the year that amend Form ADV information, but do not request a new state registration or Notice Filing status, are made without charge.

Special Note to Joint Broker/Dealer and Investment Adviser (BD/IA) Firms:
There is only ONE financial account for both Web CRD and IARD. You need to ensure that adequate funds are on deposit each day to allow for registration transactions to occur in both systems.

Your IARD Account Balance:

  • Your firm must have funds on deposit in its financial account in order to request a new state registration or Notice Filing.

  • If there are no funds on deposit, form filings will not pass the automated completeness check and cannot be submitted.

Your IARD Account Status:

  • Account balance information is updated nightly through a reconciliation process to reflect any deposits credited or transactions processed on that given business day.

  • Deposits received before 2 p.m., Eastern Time (ET), should be posted in your Daily Account the next business day.

  • Deposits received after 2 p.m., ET, should be posted in your Daily Account in two business days.

  • The Initial Daily Balance (IDB) will reflect the results of the prior night’s reconciliation process and will remain static throughout the day.

  • At the start of each day, your firm’s IDB must show a Sufficient Account Status with a credit balance to allow form filings to be processed.

  • A Sufficient Account Status will display a credit balance, which appears as a negative amount and allows registration activities to be processed throughout the day. For example, a credit balance of -$1,000.00 represents funds of $1,000.00 available in your financial account for registration transactions.

  • A Deficient Account Status will display a debit balance, which appears as a positive amount and no registration activities will be processed for that day. For example, a debit balance will display $1,000.00, which means your firm’s financial account owes $1,000.00. Money must first be deposited into your firm’s financial account and posted through the nightly reconciliation process in order for any processing to occur the next business day.

IARD Account Types:
There are two types of financial accounts: Daily and Renewal.

  • The Daily Account is your firm’s primary account which will enable day-to-day registration transactions to occur. The following information is available from your Daily Account:

    • Account Summary Activity - Displays beginning and ending balance.
    • Deposit Detail - Contains information about deposit transactions.
    • Transfer Detail - Contains information about specific transfers between accounts and firm requested refunds.
    • Transaction Detail - Contains information about all transactions submitted to IARD (e.g., registration fees, notice filing fees). It also includes adjustments made to an account. This query does not include items listed in Transfer Detail or Deposit Detail.
    • Bill Line Search - Allows you to query specific transaction information.

Note to Joint BD/IA Firms: Transactions will be listed as they are processed and will be identified by a BD/IA fee description.

  • The Renewal Account is the account your firm will use to participate in the annual renewal of state registrations and Notice Filings.

    • The Annual Renewals Program for IA firms and IA representatives begins on November 1 each year.
    • Customized Renewal Statements that outline the fees your firm owes will appear, online, in the IARD system.
    • Click here for more information on the Renewals Program.

Daily Account Queues:
Accounting Queues provide the mechanism for IA firms to view detailed financial account information prior to being posted to your financial account.

  • Processed Transactions Queue
    • Items in this Queue reflect transactions generated by IARD processing during the current business day.
    • Filings in this Queue have not yet been posted to an IA firm's financial account.
    • This Queue acts as a "staging" area before transactions are posted to your IARD Financial Account.

  • Funds Deficient Queue
    • IARD transactions will never appear in the queue.
    • This queue will only contain non-IARD transactions (i.e., Joint BD/IA Firms will see their CRD Funds Deficiencies.).

Accounting Reports:

Account Activity Report

  • In order to access your firm's financial account activity, you will need to request your firm's Account Activity Report through the Reports functionality in IARD.
  • The monthly Account Activity Report can be requested during IARD's operating hours through the IARD Reports Tab or the Request Reports hyperlink under the Reports column on the Site Map.
  • This feature will enable the firms to request data for the previous month's Daily Account Activity.
  • Complete the following steps to request the monthly Account Activity Report:
    1. Click on REQUEST REPORT
    2. Click on ACCOUNT ACTIVITY under the "Report Name" column
    3. Enter the Requester's initials
    4. Click on the SUBMIT button
  • Note For Joint BD/IA Firms: Transactions will be listed as they were processed and will be identified by a BD/IA fee description.

IARD Daily Account: Payment Methods and Addresses:

IA firms may submit their payments by:

  • Electronic Payment via Web CRD/IARD E-Pay
  • Wire Transfer
  • Check (Make checks payable to FINRA and be sure to indicate your firm's CRD number on the check)

Electronic Payment via Web CRD/IARD E-Pay:

Electronic payments (ACH payments) that are submitted by 8:00 p.m., Eastern Time (ET), should be posted within two business days to the firm’s Daily and/or Renewal Accounts with FINRA.

Web CRD/IARD E-Pay allows a firm to authorize electronic payment directly from its designated bank account to the firm’s Daily and/or Renewal Accounts. FINRA will not charge firms any fees for utilizing Web CRD/IARD E-Pay; however, firms should verify with their banks whether ACH transaction fees will be assessed by the bank for using Web CRD/IARD E-Pay. Enrollment is required to use the Web CRD/IARD E-Pay application.

Web E-Pay Update: If you have not used Web E-Pay since August 20, 2006, the first time you log onto Web E-Pay you will be required to enter your current user ID and a new password. The new password is your user ID + your firm's CRD number (all as one string, no spaces). You will be required to change your password after this initial logon in order to submit an electronic payment.
Web CRD/IARD E-Pay Navigation Guide: Provides detailed instruction on how to enroll and use the Web CRD/IARD E-Pay payment method.

Payment by Wire Transfers:

  • Wire Transfer Deposits received before 2 p.m., ET, should be posted in your Daily Account the next business day.

  • Wire Transfer Deposits received after 2 p.m., ET, should be posted in your Daily Account within two business days.

IA firms may wire funds into their IARD Financial Account:

  • Instruct your IA firm's bank to contact: "Mellon Financial, Philadelphia, PA.".

  • Provide your bank with the following information to initiate a wire transfer:

  • ABA Number:
    		• 031 000 037
  • Beneficiary:
    		• FINRA
  • FINRA Account Number:
    		• 8-234-353
  • Reference Number:
    		• Your Firm's CRD Number

  • Remember to inform your bank that funds are to be credited to the FINRA Bank Account and to use your IA firm's CRD Number as a reference number only.

  • Please record the Confirmation Number of the wire transfer that is given to you by your bank. You will need this if you choose to call your bank later to confirm the wire transfer.

  • If you send your wire transfer by 2:00 p.m., ET, your IA firm may confirm receipt of the wire payment by FINRA the next business day by checking your Daily Account online or calling the Gateway Call Center at (240) 386-4848. Please have the Confirmation Number of the wire transfer provided to you by your bank.

Payment by Check:

  • Check Deposits received before 2 p.m., ET, should be posted in your Daily Account the next business day.

  • Check Deposits received after 2 p.m., ET, should be posted in your Daily Account in two business days.

  • Please make checks payable to FINRA and be sure to indicate your firm's CRD number on the check.

  • Check Payment Mailing Locations:

    IA firms may submit their checks to FINRA by either US Mail or overnight Express Mail.

    For US Mail Delivery:

    FINRA
    P.O. Box 7777-9995
    Philadelphia, PA 19175-9995

    (Note: this address will not accept courier or overnight deliveries)

    		For Courier &
    Overnight Deliveries Only:

    FINRA
    9995
    Mellon Bank Room 3490
    701 Market Street
    Philadelphia, PA 19106

    Provide the following phone number if one is required for the recipient:
    (240) 386-4848

(Please Note: The addresses for Daily Account payments are DIFFERENT from the addresses for funding your firm’s Renewal Account. Click here for the addresses to send check payments when funding your Renewal Account.)

| Top |

IARD Funds Transfer Requests

To transfer funds from a firm to an IA affiliate, or to transfer funds between a firm’s Daily and Renewal Accounts, use the IARD Funds Transfer Request Form.

| Top |

How to Request a Refund From Your IARD Daily Account

Your firm may choose to withdraw funds from your IARD Daily Account due to various circumstances, i.e., refunding of certain fees, renewal refunds, account over-funding, etc. To request a refund from your firm's IARD Daily Account:

  • Submit a written request on firm letterhead with the following information:

    • Firm CRD number
    • Amount requested
    • Date and signature of an appropriate firm officer/signatory


  • Mail or fax the request to FINRA. (Please select only one method. Do not send both a mailed and faxed request.)


  • If you still have access to the IARD system, please include a print out of your firm's Daily Account for verification purposes.


  • The refund check will be made payable to the firm and mailed to the firm address filed on the IARD System.
Mail to:
FINRA
Finance Department
9509 Key West Avenue
Rockville, MD 20850
(301) 590-6500
Or

Fax to:
(240) 386-5344
Attention: Finance Department
Note: Most refund requests should be processed within 10 business days of receipt.

| Top |