Securities and Exchange Commission Adjustment to Section 31 Fee Rate

February 26, 2007


NASD would like to notify its members that the Securities and Exchange Commission (Commission) announced on February 16, 2007 that fees for securities transactions and registrations will be reduced significantly. Effective March 17, 2007, the Section 31 transaction fee rate will decrease from $30.70 to $15.30 per million.

Furthermore, the Commission will determine before March 1, 2007 whether Section 31 fee rate needs a mid-year adjustment. Finally, the Commission will announce the new fee rates for FY 2008 no later than April 30, 2007.

The Commission will issue further notices as appropriate. This information will be posted on the SEC's Web site (

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