Final Renewal Statements for registered investment advisors are now available in the IARD/Web CRD system. These statements will reflect the final registration statuses of the investment advisor firm and its representatives as of December 31, 2011. Final Renewal Statements will reflect that the investment advisor is “Paid In Full,” has an “Amount Due,” or “Failed to Renew.”
All investment advisors should retrieve their Final Renewal Statements to verify the accuracy of this final reconciled statement. Investment advisors who’s Final Renewal Statement reflects an amount due must ensure that FINRA is in receipt of the full payment amount by no later than February 3, 2012. If an investment advisor’s Final Renewal Statement reflects a “Failed to Renew” status, you are advised to immediately contact each jurisdiction where your firm is required to be registered and/or notice field to determine the appropriate reinstatement procedures you must take.
If after reviewing your firm’s Final Renewal Statement, your firm discovers any discrepancies on the final statement, you must report, in writing, any errors to FINRA by February 3, 2012. With your letter of discrepancy, include a copy of your firm’s Final Renewal Statement and any supplemental documentation that would support your claim. If your renewal account had a credit balance as of January 3, 2012, the credit balance was transferred to your Daily Account. Investment advisors can leave the balance in the Daily Account for future needs or can request a refund. Instructions for requesting a refund can be found on the IARD website. For more information on the IARD renewal program, click here.
If you would like more information on how RIA Compliance Consultants may assist you with renewals, please click here to schedule a time to speak to one of our Senior Compliance Consultants. If you are an existing client of RIA Compliance Consultants, please contact your Senior Compliance Consultant directly.
Posted by Bryan Hill
Labels: Annual Amendment, IARD