Final answer:
The fee paid by firms to employee statutory disqualified employees, if approved by FINRA, is called the "associated person fee." It is imposed by FINRA to monitor and regulate firms' hiring practices.
Step-by-step explanation:
The fee paid by firms to employee statutory disqualified employees, if approved by FINRA (Financial Industry Regulatory Authority), is called the "associated person fee."
This fee is imposed by FINRA when a firm employs someone who is disqualified from the securities industry due to a regulatory or legal violation. It is a way for FINRA to monitor and regulate firms' hiring practices.
For example, if a firm hires an individual with a history of securities fraud, they may be required to pay an associated person fee to FINRA as a condition of employing that individual.