Regulatory Notice 23-18

The Financial Industry Regulatory Authority (FINRA) has published a Regulatory Notice (23-18) in connection with the yearly fees to be paid by member firms. Specifically, FINRA points out that in November 2022, it will issue preliminary statements on the upcoming licensing and branch registration fees for 2024. The preliminary statement will subsequently be replaced with a final statement in January 2024. Firms must pay the amounts set out in the preliminary statement no later than December 11, 2023, in any case by December 26, 2022. Following the issuance of the final statements, firms must pay diverging amounts no later than January 26, 2024.
In this context, FINRA reminds broker-dealers and investment adviser firms to promptly file the appropriate post-dated forms in case of business termination on or before December 31, 2023. If such termination isn’t indicated, their licenses and branch registrations will be up for renewal as well. The filing of the corresponding post-dated forms should be done before the preliminary statements are issued to have corresponding fees excluded in the preliminary statements. Specifically, post-dated forms for branch closings should be submitted beginning October 16, 2023 and for broker-dealer or investment adviser registration withdrawal beginning November 1, 2023. Any filings thereafter will cause firms to have to initially pay the upcoming fees.
#### The following list provides an overview of the upcoming filing or payment deadlines:
– October 16, 2023: Starting date for filing post-dated Forms U5 and BR Closing / Withdrawal. In case of errors, entirely new registration forms (U4, BD, BR or ADV) must be filed on or after January 2, 2024.
– November 1, 2023: Post-Dated Forms BDW and ADV-W may be submitted from November 1, 2023.
– November 6, 2023: Preliminary Statements are available in E-Bill.
– December 11, 2023: Full payment of Preliminary Statements is due. Starting thereafter, there will be a late fee charged by FINRA.
– December 26, 2023: Final day to make payment to FINRA before firms, their branches and representatives fail to renew for non-payment and risk non-renewal of their licenses.
– January 2, 2024: Final Statements are available in E-Bill.
– January 26, 2024: Full payment of Final Statements is due.
Details on the appropriate fees, the content of the statements, and the payment process may be viewed in enclosed PDF document.