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Our accounting department prefers to use the same bank account for NRD fees that is in place for SEDAR. Do we need a dedicated NRD account?
You may designate either a dedicated NRD account or an existing "mixed-use" account. However, you might wish to consider the following:
- You will be giving the NRD Administrator access to whatever bank account you designate, including permission to debit the account if needed for rejected or returned payments. With a dedicated account you are limiting the access strictly to NRD-related funds.
- Reconciliation of the fees may be simpler if you are reconciling a dedicated account.
Our firm has concerns about giving a third party the ability to debit our account as they see fit. Are there any other options?
Unfortunately, there are no other payment options. The NRD system has been designed so that all fees (except for the initial firm enrolment fee) must be submitted electronically via electronic funds transfer (EFT). This allows firms to control and monitor all payments. The fees paid by your firm are managed by the AFRs you've designated. These individuals must acknowledge each submission - and the associated fees payable - before any funds are withdrawn from your account. Also, the system can generate reconciliation reports, allowing you to track all payments and reconcile your account.
Please refer to chapter 5 of the NRD Filer Manual, "Fees Collected Through NRD", for more detailed information.
Is the "Submission Fee Summary" screen presented to the individual or the AFR?
The Submission Fee Summary screen is presented to the AFR to acknowledge prior to its submission to the regulator(s).
Will foreign firms having difficulty setting up bank accounts be exempt from using the EFT function on NRD?
It is possible to gain an exemption from using the EFT component of the NRD if you are a firm based outside of Canada. To obtain information about applying for an exemption, please contact your lead regulator.