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News December 6, 2004 Issue

New CRD Tool Flags Late Filings

Dual registrants might want to check out a new report available on WebCRD, the "Late Filing Fee Report." The report is designed to aid firms in the early detection of late reporting problems by providing a 12-month late filing history. According to an NASD spokesperson, the report is only available to NASD-registered firms.

These days, itís a handy tool to have. The NASD has been cracking down on late filings in the brokerage world, last week announcing that it had censured 29 broker-dealers, fining them a total of $9.2 million for filing late U-4s, U-5s, and other information. That follows the NASDís August 2004 $2.2 million settlement with Morgan Stanley DW for late filings. According to an NASD spokesperson, more late filing enforcement cases are expected.

Could late filing cases be brought in the adviser context? Possibly. It is likely that the SEC has access to the same technology that the NASD is using to bring its late filing cases. Of course, advisers typically have significantly fewer reps to keep track of, minimizing the likelihood of late filing problems.