Renewal Time: Broker-Dealers, Advisers, Their Agents and Reps

In Regulatory Notice 12-46, FINRA has announced the start of the 2013 Renewal Program for investment advisers, broker-dealers, their agents and investment adviser representatives.  On November 12, 2012, FINRA will make the online Preliminary Renewal Statements available to all firms on Web CRD/IARD. The following dates are key in the renewal process:

  • November 1, 2012     Firms may begin submitting post-dated Form U5,  BR Closing/Withdrawal, BDW and ADV-W filings via Web CRD/IARD.
  • November 12, 2012    Preliminary Renewal Statements are available on Web CRD/IARD.
  • December 13, 2012     Full payment of Preliminary Renewal Statements is due.
  • January 2, 2013          Final Renewal Statements are available on Web CRD/IARD.
  • February 1, 2013        Full payment of Final Renewal Statements is due.

Firms can find guidance in the renewal instructions, the Renewal Program Bulletin, and the IARD Renewal Program Bulletin (if applicable) on the Investment Adviser Registration Depository (IARD) website.

FINRA warns firms that failure to remit full payment of  their Preliminary Renewal Statements to FINRA by December 13, 2012, may cause the firm to become ineligible to do business in the jurisdictions where it is registered, and subject them to late fees effective January 1, 2013.

Author: Dexter Johnson

The author is a an attorney who for the past 14 years has concentrated his practice in representing, successfully, investment advisers, broker-dealers, corporations and individuals who are subject to SEC, FINRA, State or other regulations and who may be the subject of regulatory examination, review or investigation. He formerly worked at the SEC. His regulatory and litigation experience has encompassed virtually every type of securities issue in the industry. He has also negotiated favorable outcomes in many of these matters for his clients.