Preliminary IARD Renewal Statements

November 22, 2005

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Beginning Monday, November 21, 2005, investment advisor firms can access their 2006 Preliminary Renewal Statements via their IARD account. The Preliminary Renewal Statement must be paid, in full, by Wednesday, December 14, 2005. Because it takes approximately two days for payment to post to the IARD account, the funds should arrive no later than Monday, December 12, 2005, to ensure the money is posted to your IARD account by the 14th.

It is important to note that the NASD does not mail the renewal statements to advisor firms. It is each advisor firm’s responsibility to electronically retrieve the renewal statement, review it to confirm its accuracy, and submit payment by the deadline. The entire amount of the Preliminary Renewal Statement must be paid by the 14th even if the statement contains inaccuracies. If the Preliminary Renewal Statement does appear to contain errors, you should contact the IARD Hotline at 240-386-4848 or the state. Any adjustments to the renewal statement will be reflected on the Final Renewal Statement which will be posted on January 2, 2005. Adjustments that reflected on the Final Renewal Statement will also include advisor representatives approved and/or terminated from now until the end of the year. New state registrations/notice filing approvals and withdraws made from now until the end of the year will also be reflected on the Final Renewal Statement.

If the NASD receives only partial payment of the amount due or if payment is received after the December 14 deadline, all advisor representatives with your firm will be automatically terminated. In addition, the majority of states will automatically terminate a firm’s notice filing/registration status if full payment is not received. Therefore it is imperative that full payment for the Preliminary Renewal Statement is posted to your IARD Account by the required deadline.

Posted by Bryan Hill
Labels: IARD, Renewals