NASD Notice to Members 96-81 - December 1996
SEC Transaction Fees Begin January 1, 1997, on Nasdaq and Other Prompt Last Sale Reported Non-Debt Transactions
In the October Notices to Members, the National Association of Securities Dealers, Inc. (NASD) published an FYI alerting members to legislation recently enacted by Congress that authorizes the Securities and Exchange Commission (SEC) to collect a fee (SEC fee) of 1/300th of one percent on the aggregate dollar amount of sales transacted by or through any member other than on a securities exchange for securities subject to prompt last-sale reporting. Effective January 1, 1997, the SEC fee will apply to transactions in securities listed on The Nasdaq Stock MarketSM as well as other non- Nasdaq® OTC Equity Securities. This Special Notice provides additional information explaining how the new SEC fee will be administered.