Paying Fees Using Electronic Funds Transfer (EFT)

Summary

All fees are withdrawn from the firm’s bank account (NRD account) that was authorized by the Chief AFR during firm enrollment.

NRD will determine the fee payable by the firm for the purposes of paying regulatory fees, NRD system fees: (1) NRD submission fee and (2) annual NRD system fees. When a submission is made through NRD, a screen displays the total amount payable for the submission, and the AFR must authorize the payment for those fees using NRD.

For the annual registration fees and annual NRD system fee, NRD will generate a preliminary fee summary on December 1. On December 31 a final annual fee summary is produced. The final annual fee summary serves as notice to the firm that a certain amount was debited to the firm’s NRD account.

An AFR may generate a reconciliation report from NRD detailing the amounts debited from the firm’s NRD account.

Types of Fees

The following types of fees are withdrawn from the bank account that was authorized by the Chief AFR during firm enrolment.

  • Regulatory fees
  • NRD System fees
    • NRD Submission fee
    • Annual NRD system fee

Please note:
A paper cheque payable to the applicable regulator must accompany any firm filing that must be submitted to the regulator in paper format (e.g. Form 3).

To read more about fees collected through NRD on this website, please refer to under Regulatory Fees or NRD System Fees.

For more information on which firm filings are made through NRD, please refer to the User Guide.

Payment Procedure

The AFR authorizes payment for submissions using the NRD system. NRD then batches all of the firm’s payments together, and pulls them all at once at the end of each business day.

Here’s how Electronic Funds Transfer works:

  1. When all of the information in the submission has been input and you have done your own due diligence, indicate that you are ready to complete the submission.
  2. NRD prompts you to indicate whether or not this submission is related to a deficiency.
    • If you confirm that the submission is not related to a deficiency, NRD will calculate the fees for the submission.
    • If the submission is related to a deficiency for which fees have already been paid, no further fee will be charged.
  3. NRD presents the fee payment information to you for approval. This includes the amount and distribution of the fees (to CDS INC., and to each regulator as required), as well as the bank account for the payment.
  4. When you acknowledge the fees to be paid, NRD generates a payment record and your submission is ready to be sent to regulators. (Note: Fees are not withdrawn from your firm’s account until the submission has been sent to regulators.)
  5. When you click the “Send to Regulators” button, the submission is sent to the applicable regulator(s) and the NRD system will batch the payment for EFT processing.

Please note:

  • Payment for all submissions completed in a business day will be drawn from your firm’s account at the end of the day.
  • Payment is not contingent on regulator approval.
  • NRD cannot process refunds. If a refund is required, contact the regulator.
  • If an EFT payment is rejected (e.g. in the case of insufficient funds in the designated account), the NRD Administrator will contact the Chief AFR to resolve the problem. Failure to respond to fee problems will be brought to the attention of regulators for appropriate compliance follow-up.

Reconciling Your Records with NRD

You can reconcile your bank account records with NRD by generating a Reconciliation Report. The report will provide details of all the amounts that have been debited from your designated account.

You can request a Reconciliation Report by submission or by EFT number. You need to specify a period of time and ask for a report on the fees paid for certain types of submissions or for all the amounts debited from your account.