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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.