All registered FINRA broker dealers, FDIC insured banks, and transfer agents handling physical certificates must be registered with the Securities Information Center as stated by SEC Regulation Rule 240.17f-1. If a firm does not handle any physical securities and has registered with SIC®, then you can file for an exemption with SIC® which will forego any billing invoices being sent out. If you would like to file for an exemption we need a letter on company letterhead with original signatures. In this letter we need stated that your firm does not handle physical securities and that you would like to file for an exemption. This letter must be into SIC® 60 days prior to the next billing cycle to avoid being billed.
New FDIC insured banks or FINRA members that do not handle physical certificates are exempt from SEC Regulation Rule 240.17f-1 and do not need to register with SIC®. If you need additional information pertaining to this please go to www.finra.org or www.fdic.gov.
Please read the Finra Qualifications & Examinations