NASD Notice to Members 04-01 - January 2004

NASD Provides Additional Information Regarding Options Exemption for the Trading Activity Fee

Executive Summary

On May 30, 2003, the Securities and Exchange Commission (SEC or Commission) permanently approved revisions to NASD By-Laws, eliminating the current Regulatory Fee assessed upon NASD members and instituting a new transaction-based Trading Activity Fee (TAF).

 

As part of the permanent fee structure, listed options transactions executed by broker/dealers for which NASD is not the primary regulator were exempted from the TAF, effective January 1, 2004. A listing of those broker/dealers exempt from the fee is attached.

 

Questions regarding this Notice should be directed to NASD Finance at (240) 386-5397, or the Office of General Counsel, Regulatory Policy and Oversight, at (202) 728-8071.