IARD System Frequently Asked Questions - Renewal Program
1. Will my firm's Preliminary and Final Renewal Statements be mailed to me?
Renewal Statements are not mailed to firms. Statements will be available online via Web CRD®/ IARDTM for retrieval and printing. The Preliminary Renewal Statement will be available online on Nov. 12, 2012, and the Final Renewal Statement will be available Jan. 2, 2013.
2. Are there any changes to renewal fees that my firm should be aware of?
Yes, renewal statements will reflect that the North American Securities Administrators Association (NASAA) will charge $10 instead of the $45 annual system fee per investment adviser (IA) representative. This fee had been waived since 2008. Please refer to the IA Representative System Processing Fees and the IARD Firm System Processing Fees Web pages for additional information.
3. I logged onto Web CRD/IARD to retrieve my firm's Preliminary Renewal Statement, but there wasn't one available and the message on the screen reads "A Renewal Statement does not exist for this organization." Why doesn't my firm have a statement?
There are two possible explanations:
- If your firm had a 'Pending Approval' status in Web CRD/IARD as of 11 p.m., ET, Nov.9, 2012, then a Preliminary Renewal Statement was not generated for your firm since an approved or transitioned registration status in Web CRD/IARD is required. However, a Final Renewal Statement will be generated for your firm if your firm becomes approved between Nov. 12 and Dec. 21, 2012. If this should occur, your firm's renewal fees will be assessed and collected with your Final Renewal Statement, which will be available on Jan. 2, 2013.
- If your firm was registered with jurisdictions through paper filings and changed to electronic filing on Web CRD/IARD but did not submit a transition filing by 11 p.m., ET, Nov. 9, 2012, then a Preliminary Renewal Statement was not generated for your firm since a transitioned or approved registration status in Web CRD/IARD is required. Transition filing functionality is unavailable from Nov. 10, 2012, through Jan. 1, 2013; therefore, your firm will not renew electronically and your firm should contact the jurisdictions with which it is registered for Renewal payment and processing.
4. What is the deadline for submitting payment of my 2013 Preliminary Renewal Statement?
Full payment of your Preliminary Renewal Statement must be posted to your firm's Renewal Account by Dec. 13, 2012, even if your firm intends to terminate additional IA representatives before Dec. 31, 2012. Firms are encouraged to submit their electronic (i.e., Web CRD/IARD E-pay, wire transfer) payments no later than Dec. 10 in order for payment to post to their Renewal Account by the Dec. 13 deadline. Please note that there have been changes made to the mailing address and processing of check payments, which are detailed on the renewal payment options page.
5. What Renewal payment methods are accepted?
Visit the renewal payment options page for complete information.
6. To whom should a Renewal payment check be made payable and mailed?
Firms renewing electronically via Web CRD/IARD should make their checks payable to FINRA. As the operator of IARD, FINRA will collect renewal fees on behalf of the jurisdictions and then disburse the fees to the appropriate jurisdictions. Please note that there have been changes made to the mailing address and processing of check payments, which are detailed on the renewal payment options page.
7. Will the amount of my Preliminary Renewal Statement change before the payment deadline date as the firm continues to request new registrations for individuals and/or submit Form U5 filings to terminate other registrations?
No, a Preliminary Renewal Statement is static and is based on information from Web CRD/IARD as of 11 p.m., ET, on Nov. 9, 2012. Any changes for new and/or terminated registrations requested between Nov. 12, 2012 and the system shutdown on Dec. 21, 2012, will be reflected on your Final Renewal Statement, on Jan. 2, 2013.
8. If I pay my Preliminary Renewal Statement in full, have I fulfilled all of my renewal fee obligations and completed the Renewal process?
No. Since the Preliminary Renewal Statement is based on the registration statuses of your firm and its registered individuals and branches as of Nov. 9, 2012, any changes to those statuses prior to year-end have not yet been considered for renewal purposes. Therefore, the renewal process is not complete until reconciliation occurs through your firm's Final Renewal Statement, which will become available online in Web CRD/IARD Jan. 2, 2013. For firms that have an amount due, FINRA should receive your payment no later than Feb. 1, 2013. The Final Renewal Statement will list one of the following:
- Zero balance due by your firm (no further action required by your firm)
- An amount due by your firm (send payment)
9. How do I check to see that FINRA has received my renewal payment?
Renewal payments made electronically using Web CRD/IARD E-Pay or wire transfer typically take two to three business days to process and post to your account, after which you can query Web CRD/IARD to verify receipt following these steps:
- Log onto Web CRD/IARD
- From the Site Map, click on the 'Renewal Statement' link under the Accounting section
- Select 'Deposit Detail' under the Renewal Account Information menu
- Enter a date range up to 31-day increments to search for the deposit
- Select the 'Search' button
Please note that all check payments will now be deposited into firm Daily Accounts and will be applied to renewal fees with the automatic Daily Account-to-Renewal Account Transfer, which begins on Dec. 13, 2012, and takes place daily thereafter through Dec. 21, 2012. You can query Web CRD/IARD to verify that your check has been processed in the "Deposit Detail" of your Daily Account. For complete check payment information, visit the renewal payment options page.
10. How can I transfer money from my Daily Account to my Renewal Account?
Beginning on Dec. 13, 2012, and through Dec. 21, 2012, if your firm has sufficient funds in its Daily Account to cover the total renewal fees due, then the funds will be automatically transferred from your Daily Account to your Renewal Account. Separately, firms may transfer funds between affiliated firms at any time by submitting a Web CRD/IARD Funds Transfer Request.
Beginning Jan. 11, 2013, FINRA will automatically transfer funds from your firm's Daily Account to the Renewal Account for firms that still owe fees on their Final Statement.
11. My investment adviser firm and broker-dealer firm have the same CRD Number. Am I considered a "joint" firm?
Yes, your firm's online Preliminary and Final Renewal Statements will reflect your applicable BD firm, BD representatives, IA firm, IA representatives and branch renewal fees. For additional information regarding broker-dealer renewals, visit the FINRA website.
12. How do I obtain a report that shows a list of everyone at my firm who was included for renewals?
This information is available as part of the "Firm Renewal Report" and is available as a PDF or a download. To request this report, log onto IARD and select the Reports tab. Detailed instructions are provided in the Renewal Program Bulletin under the Renewal Reports section.
13. Will my Firm Renewal Report be automatically generated and sent to me?
No, firms must request their Firm Renewal Reports via the Reports Tab in IARD. Detailed instructions are provided in the IARD Renewal Bulletin under the Renewal Reports section.
14. My firm submitted a post-dated full Form U5 for an individual by mistake. Can we withdraw or cancel that filing?
No, Web CRD/IARD processes post-dated filings as they are submitted so they cannot be withdrawn or canceled once submitted. If a post-dated full Form U5 is submitted by mistake, then a new Form U4 must be submitted on or after Jan. 2, 2013, to re-register the IA representative and applicable registration fees will be assessed.
15. My firm submitted a post-dated partial Form U5 for an individual by mistake. Can the firm withdraw or cancel that filing?
No, Web CRD/IARD will process post-dated filings as they are submitted so they cannot be withdrawn or canceled once submitted. If a post-dated partial Form U5 is submitted by mistake, then a Form U4 Amendment must be submitted some time on or after Jan. 2, 2013, to request registration with those jurisdictions.
16. What is the last day that I can submit an electronic form filing in Web CRD/IARD before year-end renewal processing occurs?
All electronic form filing (including Forms U4, U5, ADV, ADV-W, BR and Amendments) must be submitted to Web CRD/IARD by 6 p.m., ET, Dec. 21, 2012. The Web EFT deadline is 3 p.m., ET. Web CRD/IARD will be unavailable to submit any electronic filings from 6 p.m., ET, Dec. 21, 2012 through Jan. 1, 2013 due to the holidays and year-end Renewal processing. During this period, Web CRD/IARD will be available for query only and to create "Pending" filings, which may be submitted on or after Jan. 2, 2013. The IARD Availability Schedule covers the current schedule.