Securities and Exchange Commission Adjustment to Section 31 Fee Rate

December 5, 2005
NASD would like to notify its members that the Securities and Exchange Commission (SEC or Commission) has issued Fee Rate Advisory #5 for Fiscal Year 2006. Effective December 22, 2005, the revised Section 31 transaction fee rate will decrease to $30.70 per million.
The Commission is required to adjust the filing and securities transaction fee rates on an annual basis, after consultation with the Congressional Budget Office (CBO) and the Office of Management and Budget (OMB). A copy of the Commission's April 30, 2005, order regarding the fee rate adjustments for fiscal year 2006, including the calculation methodologies, is available at
In addition, the Commission also may be required to make a "mid-year" adjustment to the Section 31 fee rate for fiscal 2006, after consultation with the CBO and the OMB, which would be announced no later than March 1, 2006, effective April 1, 2006.   Further, the Commission will announce the new fee rates for fiscal year 2007 no later than April 30, 2006. These fee rates will become effective October 1, 2006, or, if later, after the Commission's fiscal year 2007 appropriation is enacted. The Commission will issue further notices as appropriate. This information will be posted on the SEC's Web site.


The revised rate of $30.70 per million is reflected in the attached updated Self-Reporting Form, which has an effective date of December 22, 2005.


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