IARD System Frequently Asked Questions - Accounting
Last updated on: 10/14/05
1. When should I send funds for my IARD/CRD financial account?
You should send funds once your firm has received its IARD Confirmation Packet, which will include your firm's CRD number. You may then submit funds and reference your firm's CRD number on your check to ensure they are deposited into your firm's IARD financial account. Please DO NOT submit funds prior to receiving your IARD Confirmation Packet.
2. To whom should checks be made payable when funding my firm's IARD Financial Account?
Make checks payable to FINRA and be sure to indicate your firm's CRD Number on the check.
3. What steps can a firm take to ensure prompt deposit of funds into its IARD financial account?
To ensure timely and accurate deposit processing into your IARD financial account:
- Make your check payable to FINRA.
- Please remember to write your firm's CRD Number on the check.
- Be sure to copy the addresses for mailing check payments exactly as provided when funding either your Daily Account or Renewal Account.
4. What payment methods are available for me to fund my firm's Daily account?
(
Please Note: You can also request that FINRA process transfers between your firm's Daily and Renewal accounts.)
5. What is Web CRD/IARD E-pay?
Web CRD/IARD E-Pay allows your firm to authorize electronic payment (ACH payments) directly from the firm's 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. (Please Note: Funds submitted by 8 p.m., ET, should post to your firm's Daily/Renewal Account within 2 business days.)
6. How do I set-up a Web CRD/IARD E-pay account?
You can set-up an E-Pay account by accessing the Web CRD/IARD E-Pay site directly. Now click on 'I am a New E-Pay User' and follow the instructions to set-up your account.
7. I forgot my Web E-Pay password, can I call the FINRA Call Center and have them reset it?
No, the Call Center cannot reset your password. You can reset your own password by accessing Web CRD/IARD E-Pay and clicking on "I Forgot My E-Pay Password." You will be required to enter your firm's CRD Number and your E-Pay User ID and then you may select 'Reset my password.'
8. I forgot my user ID for Web CRD/IARD E-Pay, how do I find out what it is?
If you kept the confirmation email you received after enrolling in E-Pay, your E-Pay User ID should be listed in that email. If you no longer have that confirmation email and cannot remember your E-Pay User ID, then you will need to create a new User ID by accessing Web CRD/IARD E-Pay and clicking on “I am a New Web CRD/IARD E-Pay User.” Follow the instructions to complete re-enrollment.
9. I have my Web CRD/IARD E-Pay confirmation number but do not see the payment posted to my account?
A Web CRD/IARD E-Pay transaction that is sent by 8 p.m., ET, should post to your account in approximately 2 business days. If two business days have passed, you may want to review both the firm's Daily and Renewal Accounts to determine if the funds were applied to the correct account.
10. How do firms wire funds to their IARD financial accounts?
Instruct your firm's bank to contact: Mellon Financial, Philadelphia, PA, and provide your bank the following information to initiate the wire transfer:
ABA number: 031 000 037
Beneficiary: FINRA
FINRA Account Number: 8-234-353
Reference Number: YOUR FIRM'S CRD NUMBER
Inform your bank that the funds are to be credited to the FINRA BANK ACCOUNT and to use your IA firm's CRD NUMBER as a reference number only. If you wish to call back later and confirm the transfer, you must have the confirmation number, which is given to you by your bank. (Please Note: Wire payments that are submitted by 2:00 p.m. (ET) should post to the Web CRD/IARD account the next business day.)
11. I work for a joint Investment Adviser/Broker-Dealer (IA-B/D) firm. Do we have separate financial accounts for registration requests?
No. A joint IA-B/D firm has one shared financial account and the transactions for IA and BD registration requests will be deducted from that one account. However, IARD and CRD transactions will be easily identified in the Transaction Detail Query and the Monthly Account Activity Report. Funds deposited to the shared Daily Account will be available for any filings made.
12. What is the difference between the Renewal Account and the Daily Account?
The Renewal Account is the account your firm will use to participate in the annual renewal of state registration and Notice Filing process. This account is only available during the renewal period, from November through December each year. The Daily Account is used to fund all other filing and registration fees.
13. When do I need to submit my Annual Updating Amendment and how much are the fees?
The Annual Updating Amendment is due within 90 days following the end of your firm’s fiscal year. Fees are charged based on your firm’s assets under management. Fees must be in your firm’s DAILY account before you can submit your filing. Check the IARD Firm System Processing Fees page for the current fees.
14. I am trying to submit a registration request(s) on behalf of my firm, but I received a Completeness Check error message indicating that my firm’s Daily Account does not have enough funds to cover the fees due with this filing. How do I determine the amount of funds needed in order to submit my firm’s filing?
In order to submit a Form ADV containing a new SEC registration, state registration(s) or notice filing(s), your account must, at the beginning of the day of submission, have a balance sufficient to pay the entire fee (if any) for those registrations or notice filings.
To determine the amount of funds needed to submit this filing, first check whether your firm has any funds available or currently due in it’s Daily Account by following these steps:
- Logon to IARD and then click on the Accounting Tab.
- Click on ‘Daily Account’ to access your firm’s current account information and check your firm’s Daily Account ‘Balance’
(A credit balance is represented by a negative amount, i.e. –$100.00, meaning your firm has $100.00 available in its Daily Account. A debit balance can be a zero or more and is represented by a positive amount, i.e. $0.00 or $100.00, meaning your firm does not have funds available in its Daily Account and owes the amount displayed if it is greater than zero.)
- Take the ‘Total Charges’ listed on the Completeness Check page for registration requests you tried to submit with the filing and:
- If you have a credit balance, subtract the amount in your firm’s account ‘Balance’ from the ‘Total Charges’
or
- If you have a debit balance, add the amount in your firm’s account ‘Balance’ to the ‘Total Charges’
- This will calculate the total amount of funds needed for your firm’s Daily Account in order to submit your firm’s filing.
Please note: No fee is charged if an IA is state registered and submits a Form ADV to request SEC registration. Filings that do not contain any new SEC registration, state registrations or notice filings (such as those to change only the address) may be submitted with an account balance of any amount, since there is no fee.
15. What is the system processing fee for transitioning an IA representative (RA)?
A $45 Initial Set-up Fee is charged for each individual transitioned. The Initial Set-up Fee is nonrefundable.
16. I am trying to submit registration requests on behalf of IA representatives (RAs) with my firm, but my firm's Daily Account is showing a deficient (zero or less) balance. How do I determine the funds needed to clear the firm’s "Deficient" account status?
* You should review the "Pending Individual Registrations" Notice Queue to see the exams that were requested while the firm was deficient in order to determine the amount of Exam Fees that should be included.
17. What fees apply for the IA representatives of IA-only firms?
The fees for IA representatives of IA-only firms include:
- Applicable IA Representative System Processing Fees.
- Applicable state registration fees.
Please note: There are no disclosure fees, fingerprint card processing fees, or Form U-5 late filing fees for investment adviser representatives of IA-only firms.
18. If my firm pays the $45 system processing fee to transition an individual, and then files a Form U-4 Amendment for the same individual, must our firm pay the $45 fee twice?
No. In this situation, your firm will only pay one $45 Initial Set-up Fee for transitioning, and no fee is charged for filing the Form U-4 Amendment.
19. For a new individual requesting an RA registration, does the $45 system processing fee apply when filing the Initial Form U-4?
Yes. A $45 Initial Set-up Fee is charged for an individual when an Initial Form U-4 is processed.
20. How are fees processed for Simultaneous Filing Group firms (applicable only to Joint B/D-IA firms)?
The primary Simultaneous Filing Group (SFG) firm pays all FINRA fees, regardless of which SFG firm submits the filing. These fees include FINRA registration fees, exam fees, and fingerprint card processing fees (where applicable). Each firm pays its own state registration fees.
21. How are fees processed for affiliated firms (firms that are NOT a part of a Simultaneous Filing Group)?
Each firm pays its own FINRA, state registration, Set-up and Transfer Fees. The exception is that fees related to exams and fingerprint cards (if applicable) are paid by the filing firm only.
22. Where do I find the monthly Account Activity Reports?
Firms can request the Account Activity Report, at any time, from their Reports Glossary, and, they can retrieve financial activity for up to the previous 13 months. The information can be requested as a report or a download.
23. The firm I work for holds assets in a foreign currency (i.e. pounds), how can I enter the value in IARD? Does IARD accept all types of symbols?
No, IARD does not accept all types of symbols. The Form ADV explicitly states that the values must be entered as U.S. dollars. You will need to convert the foreign currency into the equivalent U.S. dollars and enter that amount.
| Top | Back |
