Extension of Current SEC Section 31 Fee Rate


 

October 6, 2003

 

NASD would like to notify its members that on September 30, 2003, the Securities and Exchange Commission (the "Commission") issued Fee Rate Advisory #3. The Advisory states that starting October 1, 2003, the Commission will be operating under a continuing resolution that will extend through October 31, 2003 (or later). During this period, the Section 31 Fee will remain at its current rate. Members should note that the current rate for Section 31 Fees is $46.80 per million and will remain in effect until enactment of the Commission’s regular fiscal year 2004 appropriation.

 

Thirty days after enactment of the Commission's regular fiscal year 2004 appropriation, the Section 31 fee rate applicable to securities transactions on the exchanges and Nasdaq will be reduced from the current rate of $46.80 per million to $39.00 per million, as previously announced.

 

NASD will post an advisory on its Web Site once the Commission’s appropriation has been approved and a final date has been determined for the implementation of the rate change.

 

If you have questions about this Member Alert, please contact Rob Renner, NASD Director of Accounting Operations, at (240) 386-5303.