NASD Notice to Members 04-63 - August 2004

New SEC Procedures Relating to Section 31 of the Securities Exchange Act of 1934

Executive Summary

Pursuant to Section 31 of the Securities Exchange Act of 1934 (Exchange Act), NASD, as a national securities association, and the national securities exchanges are required to pay transaction fees and assessments to the Securities and Exchange Commission (SEC) that are designed to recover the costs related to the government's supervision and regulation of the securities markets and securities professionals. On June 28, 2004, the SEC established new procedures governing the calculation, payment, and collection of fees and assessments on securities transactions owed by national securities exchanges and associations to the SEC pursuant to Section 31.

 

Questions concerning this Notice may be directed to Rob Renner, Director of Accounting Operations, NASD Finance, at (240) 386-5303; Kathleen O'Mara, Associate General Counsel, Office of General Counsel (OGC), Regulatory Policy and Oversight (RPO), at (202) 728-8071; or Afshin Atabaki, Attorney, OGC, RPO, at (202) 728-8902.