FINRA Fee Increase Schedule
As detailed in our October 14, 2020 rule filing with the SEC, FINRA is implementing a proportional increase to fees it relies on to substantially fund its regulatory mission in a manner that preserves equitable fee allocation across FINRA members. Specifically, FINRA is implementing increases to the Gross Income Assessment (“GIA”), Trading Activity Fee (“TAF”), Personnel Assessment (“PA”), member registration, and qualification examination fees, phased in over a three-year period beginning in 2022.
The following tables summarize each of these fee increases. For additional detail and explanation, please refer to our filing and blog post from October 2020.
GIA Fee Increase Schedule
| Tier (Revenue) | 2020 (current) | 2021 (no change) | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| $0 to $1 million | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 |
| Greater than $1 million up to $25 million | 0.1215% | 0.1215% | 0.1346% | 0.1511% | 0.1732% |
| Greater than $25 million up to $50 million | 0.2599% | 0.2599% | 0.2880% | 0.3232% | 0.3705% |
| Greater than $50 million up to $100 million | 0.0518% | 0.0518% | 0.0574% | 0.0644% | 0.0738% |
| Greater than $100 million up to $5 billion | 0.0365% | 0.0365% | 0.0404% | 0.0454% | 0.0520% |
| Greater than $5 billion up to $25 billion | 0.0397% | 0.0397% | 0.0440% | 0.0494% | 0.0566% |
| Greater than $25 billion | 0.0855% | 0.0855% | 0.0948% | 0.1063% | 0.1219% |
TAF Fee Increase Schedule
| Security Type | 2020 (current) | 2021 (no change) | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Covered Equity Security | $0.000119 per share (up to $5.95 max per trade) | $0.000119 per share (up to $5.95 max per trade) | $0.000130 per share (up to $6.49 max per trade) | $0.000145 per share (up to $7.27 max per trade) | $0.000166 per share (up to $8.30 max per trade) |
| Options | $0.002 per contract | $0.002 per contract | $0.00218 per contract | $0.00244 per contract | $0.00279 per contract |
| Security Future | $0.00008 per contract (with $0.01 minimum per round trip transaction) | $0.00008 per contract (with $0.01 minimum per round trip transaction) | $0.00009 per contract (with $0.011 minimum per round trip transaction) | $0.00010 per contract (with $0.012 minimum per round trip transaction) | $0.00011 per contract (with $0.014 minimum per round trip transaction) |
| TRACE-Eligible Security (Other than Asset-Backed Security) or municipal security | $0.00075 per bond (up to $0.75 max per trade) | $0.00075 per bond (up to $0.75 max per trade) | $0.00082 per bond (up to $0.82 max per trade) | $0.00092 per bond (up to $0.92 max per trade) | $0.00105 per bond (up to $1.05 max per trade) |
| TRACE-Eligible Asset-Backed Security | $0.00000075 times reported value (up to $0.75 max per trade) | $0.00000075 times reported value (up to $0.75 max per trade) | $0.00000082 times reported value (up to $0.82 max per trade) | $0.00000092 times reported value (up to $0.92 max per trade) | $0.00000105 times reported value (up to $1.05 max per trade) |
PA Fee Increase Schedule
| Tier (No. of Reps) | 2020 (current) | 2021 (no change) | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Reps 0-5 | $150 | $150 | $160 | $180 | $210 |
| Reps 6-25 | $140 | $140 | $150 | $170 | $200 |
| Reps 26 and greater | $130 | $130 | $140 | $160 | $190 |
Registration Fee Increase Schedule
| Fee | 2020 (current) | 2021 (no change) | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Initial/Transfer Registration Form U4 filing1 | $100 | $100 | $125 | $125 | $125 |
| Termination U5 filing | $40 (plus $80 if late filed) | $40 (plus $80 if late filed) | $40 (plus $80 if late filed) | $50 (plus $100 if late filed) | $50 (plus $100 if late filed) |
| System Processing Fee (for each of the member’s registered representatives and principals) |
$45 | $45 | $45 | $45 | $70 |
| Branch Office Processing Fee (initial and annual) | $20 | $20 | $75 | $75 | $75 |
| Disclosure review2 | $110 | $110 | $110 | $155 | $155 |
| Fingerprinting3 | $15 | $15 | $15 | $20 | $20 |
Qualification Examination Fee Increase Schedule
| Examination Number and Name | 2020 (current) | 2021 (no change) | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
|
Securities Industry Essentials (SIE) Examination |
$60 |
$60 |
$80 |
$80 |
$80 |
|
Series 4: Registered Options Principal Examination |
$105 |
$105 |
$155 |
$155 |
$155 |
|
Series 6: Investment Company Products and Variable Contracts Representative Examination |
$40 |
$40 |
$75 |
$75 |
$75 |
|
Series 7: General Securities Representative Examination |
$245 |
$245 |
$300 |
$300 |
$300 |
|
Series 9: General Securities Sales Supervisor Examination – Options Module |
$80 |
$80 |
$130 |
$130 |
$130 |
|
Series 10: General Securities Sales Supervisor Examination – General Module |
$125 |
$125 |
$175 |
$175 |
$175 |
|
Series 16: Supervisory Analyst Examination |
$240 |
$240 |
$245 |
$245 |
$245 |
|
Series 22: Direct Participation Programs Representative Examination |
$40 |
$40 |
$60 |
$60 |
$60 |
|
Series 23: General Securities Principal Examination – Sales Supervisor Module |
$100 |
$100 |
$105 |
$105 |
$105 |
|
Series 24: General Securities Principal Examination |
$120 |
$120 |
$175 |
$175 |
$175 |
|
Series 26: Investment Company Products and Variable Contracts Principal Examination |
$100 |
$100 |
$150 |
$150 |
$150 |
|
Series 27: Financial and Operations Principal Examination |
$120 |
$120 |
$175 |
$175 |
$175 |
|
Series 28: Introducing Broker-Dealer Financial and Operations Principal Examination |
$100 |
$100 |
$150 |
$150 |
$150 |
|
Series 39: Direct Participation Programs Principal Examination |
$95 |
$95 |
$100 |
$100 |
$100 |
|
Series 57: Securities Trader Examination |
$60 |
$60 |
$80 |
$80 |
$80 |
|
Series 79: Investment Banking Representative Examination |
$245 |
$245 |
$300 |
$300 |
$300 |
|
Series 82: Private Securities Offering Representative Examination |
$40 |
$40 |
$60 |
$60 |
$60 |
|
Series 86: Research Analyst Examination -- Analysis |
$185 |
$185 |
$225 |
$225 |
$225 |
|
Series 87: Research Analyst Examination -- Regulatory |
$130 |
$130 |
$150 |
$150 |
$150 |
|
Series 99: Operations Professional Examination |
$40 |
$40 |
$60 |
$60 |
$60 |
1. This fee applies for each initial or transfer Uniform Application for Securities Industry Registration or Transfer (“Form U4”) filed by a member in the CRD system to register an individual. Section 4(b)(1) of Schedule A includes a discount in cases where a member is transferring the registrations of individuals in connection with the acquisition of all or part of another member’s business. The discount ranges from 10% to 50%, based on the number of registered personnel being transferred. While FINRA is proposing to increase the registration fee, it is not proposing to make any changes to the discount schedule.
2. This fee applies for the additional processing of each initial or amended Form U4, Form U5, or Form BD that includes the initial reporting, amendment, or certification of one or more disclosure events or proceedings.
3. This fee applies for processing and posting to the CRD system each set of fingerprints submitted electronically by a member to FINRA, plus any other charge that may be imposed by the United States Department of Justice for processing each set of fingerprints.