Notice to Members 04-01
NASD Provides Additional Information Regarding Options Exemption for the Trading Activity Fee
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.