Regulatory Notice 15-13
FINRA Requests Comment on Proposed Exemption to the Trading Activity Fee for Proprietary Trading Firms
On March 25, 2015, the Securities and Exchange Commission (SEC) proposed amendments to Rule 15b9-1 under the Securities Exchange Act of 1934 (SEA or Exchange Act), which currently provides many proprietary trading firms with an exemption from membership in a national securities association. If adopted, the amendments generally would require a proprietary trading firm relying on the current exemption to register with FINRA if the firm continues to engage in over-the-counter trading or trading on an exchange of which it is not a member. FINRA membership would, among other things, subject these firms to the existing FINRA fee structure, including the TAF. This Notice requests comment on a proposed exemption to exclude from the TAF transactions by a proprietary trading firm on exchanges of which the firm is a member. The proposed rule text is attached as Attachment A.
Questions concerning this Notice should be directed to:
- Shelly Bohlin, Vice President, Market Regulation, at (240) 386-5029;
- Carrie DiValerio, Vice President, Finance, at (240) 386-5299; or
- Brant Brown, Associate General Counsel, Office of General Counsel, at (202) 728-6927.