The Investment Dealers Association has issued a notice indicating zero tolerance for late filing fees.

The IDA notice explains that association staff no longer have the discretion to waive or reduce late filing fees for Uniform Termination Notices.

On January 22, the IDA’s board amended the late filing fees for UTNs to the following:

  • for all late filings 20 business days or less late, $100 per day;
  • for the first late filing of a notice due in a calendar year which is more than 20 business days late, $100 per business day to a maximum of $2,000.

For the second late filing of a notice due in a calendar year that is more than 20 business days late, the IDA will charge $100 per business day to a maximum of $5,000. For any subsequent late filing the maximum is $10,000.