Trading Activity Fee
The Trading Activity Fee (TAF) is one of the regulatory fees FINRA assesses to recover the costs of supervising and regulating firms. This includes costs associated with performing examinations, financial monitoring, and FINRA’s policy, rulemaking, interpretive and enforcement activities.
Details of the Trading Activity Fee—including the securities it applies to, transactions that are exempt from the fee and the fee rates—are in Section 1 of Schedule A to FINRA’s By-Laws.
Effective July 1, 2026, FINRA will migrate the current TAF system to the E-Bill platform to streamline reporting and enhance system functionality.
- To request an amendment to a TAF filing, firms must email FINRA Finance at [email protected]. FINRA will review the request as part of an approval process, and once approved, the amendment will be made available through the E-Bill platform.
- For more information, refer to the Trading Activity Fee (TAF) Online User Guide.
To register as a new TAF customer or make changes to existing customer information, use the following forms:
Below are links to more information about the TAF, including guidance.
Frequently Asked Questions
The guidance in this FAQ addresses general questions about the TAF, as well as specific questions about reporting the TAF for equity, debt, options and futures transactions.
Notices
12-41: FINRA Amends the TAF Rate for Transactions in Covered Security Futures; Effective Date: October 1, 2012
12-31: SEC Approves Increase in the TAF Rate for Sales of Covered Equity Securities; Effective Date: July 1, 2012
12-06: SEC Approves Increase in the TAF Rate for Sales of Covered Equity Securities; Effective Date: March 1, 2012
11-27: SEC Approves Increase in the TAF Rate for Sales of Covered Equity Securities; Effective Date: July 1, 2011
11-20: SEC Approves Amendments to Transaction Reporting and Trading Activity Fee Rules Related to the Reporting of Asset-Backed Securities Transactions; Effective Date: May 16, 2011
10-56: SEC Approves Amendments to the Trading Activity Fee and FINRA Announces Publication of Frequently Asked Questions; Effective Date: November 1, 2010
08-37: FINRA Reminds Firms that the Trading Activity Fee Is Assessed on Exchange-Listed Options Transactions when FINRA Is the DOEA
Historical Information
Please note: FINRA has published the TAF FAQ (above) to consolidate, and in some cases to update, the guidance previously published and to add additional questions and answers that firms have asked. The TAF FAQ supersede any previous guidance published in the various Notices.
Notices
06-71: Clarification of Exemption for Market Makers Acting in the Capacity of Exchange Market Maker and Interpretive Guidance Relating to Riskless Principal Transactions
06-44: Exemption for Registered NASDAQ Market Makers Acting in the Capacity of Exchange Market Maker
06-37: Exemption for Registered NASDAQ Market Makers Acting in the Capacity of Exchange Market Maker
05-61: NASD Solicits Member Comment on Possible Realignment of the Trading Activity Fee; Comment Period Expires October 31, 2005
05-23: NASD Issues Further Guidance on the Trading Activity Fee
05-03: NASD Provides Updated Options Exemption Listing for the Trading Activity Fee
04-84: SEC Approves Adjustments to the Trading Activity Fee
03-43: SEC Approves Increase to the Trading Activity Fee
03-30: SEC Approves Revisions to NASD By-Laws Regarding Trading Activity Fee
02-75: NASD Provides Additional Information on the Trading Activity Fee
02-63: NASD Provides Additional Information on Amendments to Section 8 of Schedule A to NASD's By-Laws to Eliminate the Regulatory Fee and to Implement a New Transaction-Based Trading Activity Fee as Announced in Notice to Members 02-41; Implementation Date: October 1, 2002
02-41: NASD Informs Members of Proposed Changes to NASD's Gross Income Assessment, Personnel Assessment, and Regulatory Fee