This five-year fee schedule provides member firms with transparency and advance notice to facilitate financial planning.
FINRA is implementing the proportional fee adjustment, as detailed in the November 21, 2024 rule filing with the SEC approved in January 2025, to sustainably fund its regulatory operations. FINRA remains committed to sound financial management and appropriately funding its mission.
Gross Income Assessment
| Tier (Revenue) | 2024 | 2025 (no change) | 20261 | 2027 | 2028 | 2029 |
|---|
| $0 to $1 million | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 |
| Greater than $1 million up to $25 million | 0.1732% | 0.1732% | 0.1827% | 0.2056% | 0.2280% | 0.2280% |
| Greater than $25 million up to $50 million | 0.3705% | 0.3705% | 0.3909% | 0.4397% | 0.4877% | 0.4877% |
| Greater than $50 million up to $100 million | 0.0738% | 0.0738% | 0.0779% | 0.0876% | 0.0972% | 0.0972% |
| Greater than $100 million up to $5 billion | 0.0520% | 0.0520% | 0.0549% | 0.0618% | 0.0685% | 0.0685% |
| Greater than $5 billion up to $25 billion | 0.0566% | 0.0566% | 0.0597% | 0.0672% | 0.0745% | 0.0745% |
| Greater than $25 billion | 0.1219% | 0.1219% | 0.1286% | 0.1447% | 0.1604% | 0.1604% |
Trading Activity Fee
| Security Type | 2024 | 2025 (no change) | 2026 | 2027 | 2028 | 2029 |
|---|
| Covered Equity Security | $0.000166 per share (up to $8.30 max per trade) | $0.000166 per share (up to $8.30 max per trade) | $0.000195 per share (up to $9.79 max per trade) | $0.000232 per share (up to $11.61 max per trade) | $0.000240 per share (up to $12.05 max per trade) | $0.000249 per share (up to $12.50 max per trade) |
| Options | $0.00279 per contract | $0.00279 per contract | $0.00329 per contract | $0.00390 per contract | $0.00404 per contract | $0.00420 per contract |
| Security Future | $0.00011 per contract (with $0.014 minimum per round turn transaction) | $0.00011 per contract (with $0.014 minimum per round turn transaction) | $0.000135 per contract (with $0.016 minimum per round turn transaction) | $0.00016 per contract (with $0.019 minimum per round turn transaction) | $0.000166 per contract (with $0.020 minimum per round turn transaction) | $0.000172 per contract (with $0.021 minimum per round turn transaction) |
| TRACE-Eligible Security (Other than Asset-Backed Security) or municipal security | $0.00105 per bond (up to $1.05 max per trade) | $0.00105 per bond (up to $1.05 max per trade) | $0.00124 per bond (up to $1.24 max per trade) | $0.00147 per bond (up to $1.47 max per trade) | $0.00153 per bond (up to $1.53 max per trade) | $0.00158 per bond (up to $1.58 max per trade) |
| TRACE-Eligible Asset-Backed Security | $0.00000105 times reported value (up to $1.05 max per trade) | $0.00000105 times reported value (up to $1.05 max per trade) | $0.00000124 times reported value (up to $1.24 max per trade) | $0.00000147 times reported value (up to $1.47 max per trade) | $0.00000153 times reported value (up to $1.53 max per trade) | $0.00000158 times reported value (up to $1.58 max per trade) |
Personnel Assessment
| Tier (No. of Reps) | 2024 | 2025 (no change) | 2026 | 2027 | 2028 | 2029 |
|---|
| Reps 0-5 | $210 | $210 | $245 | $260 | $270 | $295 |
| Reps 6-25 | $200 | $200 | $235 | $250 | $260 | $285 |
| Reps 26 and greater | $190 | $190 | $225 | $240 | $250 | $275 |
Branch Office Registration Fees
| Fee | 2024 | 2025 (No Change) | 2026 | 2027 | 2028 | 2029 |
|---|
| FINRA Branch Registration Fee | $75 | $75 | $105 | $105 | $105 | $105 |
| Annual Registration Fee 1-250 branch offices registered by the member | $175 | $175 | $245 | $245 | $245 | $245 |
| Annual Registration Fee 251-500 branch offices registered by the member | $150 | $150 | $210 | $210 | $210 | $210 |
| Annual Registration Fee 501-1000 branch offices registered by the member | $125 | $125 | $175 | $175 | $175 | $175 |
| Annual Registration Fee 1001-2000 branch offices registered by the member | $100 | $100 | $140 | $140 | $140 | $140 |
| Annual Registration Fee 2001+ branch offices registered by the member | $75 | $75 | $105 | $105 | $105 | $105 |
Branch Office System Processing Fee
| Fee | 2024 | 2025 (No Change) | 2026 (No Change) | 2027 (No Change) | 2028 | 2029 |
|---|
| Branch Office System Processing Fee (initial and annual) | $75 | $75 | $75 | $75 | $105 | $105 |
Registration Fees
| Fee | 2024 | 2025 (no change) | 2026 (no change) | 2027 (no change) | 2028 | 2029 |
|---|
| Initial/Transfer Registration Form U4 filing2 | $125 | $125 | $125 | $125 | $175 | $175 |
| Termination U5 filing | $50 (plus $100 if late filed) | $50 (plus $100 if late filed) | $50 (plus $100 if late filed) | $50 (plus $100 if late filed) | $70 (plus $140 if late filed) | $70 (plus $140 if late filed) |
| Disclosure review3 | $155 | $155 | $155 | $155 | $215 | $215 |
| Electronic Fingerprinting4 | $20 | $20 | $20 | $20 | $28 | $28 |
| Non-Electronic Fingerprinting5 | $30 | $30 | $30 | $30 | $42 | $42 |
| Fingerprinting Processed Through Another SRO | $30 | $30 | $30 | $30 | $42 | $42 |
Renewal Late Fee
The Renewal Late Fee is 10 percent of a member’s cumulative final renewal statement with the following minimums and maximums:
| Fee | 2024 | 2025 (no change) | 2026 (no change) | 2027 (no change) | 2028 | 2029 |
|---|
| The minimum late fee FINRA will assess is | $100 | $100 | $100 | $100 | $140 | $140 |
| The maximum late fee FINRA will assess is | $5,000 | $5,000 | $5,000 | $5,000 | $7,000 | $7,000 |
Late Disclosure Fee
| Fee | 2024 | 2025 (No Change) | 2026 | 2027 | 2028 | 2029 |
|---|
| First Day | $100 | $100 | $100 | $100 | $100 | $100 |
| Subsequent Days | $25 | $25 | $40 | $40 | $40 | $40 |
| Maximum Fee | $1,575 | $1,575 | $2,460 | $2,460 | $2,460 | $2,460 |
System Processing Fee
| Number of securities regulators with which each registered person of a member is registered, excluding registration as an investment adviser representative | 2024 | 2025 (no change) | 2026 | 2027 (no change) | 2028 | 2029 (no change) |
|---|
| 1-5 | $70 | $70 | $70 | $70 | $100 | $100 |
| 6-20 | $70 | $70 | $95 | $95 | $125 | $125 |
| 21-40 | $70 | $70 | $110 | $110 | $140 | $140 |
| 41+ | $70 | $70 | $125 | $125 | $155 | $155 |
Qualification Examination Fees
| Examination Number and Name | 2024 | 2025 (no change) | 2026 | 2027 | 2028 | 2029 |
|---|
| Securities Industry Essentials (SIE) Examination | $80 | $80 | $100 | $100 | $100 | $100 |
| Series 4: Registered Options Principal Examination | $155 | $155 | $200 | $200 | $200 | $200 |
| Series 6: Investment Company Products and Variable Contracts Representative Examination | $75 | $75 | $100 | $100 | $100 | $100 |
| Series 7: General Securities Representative Examination | $300 | $300 | $395 | $395 | $395 | $395 |
| Series 9: General Securities Sales Supervisor Examination – Options Module | $130 | $130 | $175 | $175 | $175 | $175 |
| Series 10: General Securities Sales Supervisor Examination – General Module | $175 | $175 | $235 | $235 | $235 | $235 |
| Series 14: Compliance Official Examination | $350 | $350 | $450 | $450 | $450 | $450 |
| Series 16: Supervisory Analyst Examination | $245 | $245 | $325 | $325 | $325 | $325 |
| Series 22: Direct Participation Programs Representative Examination | $60 | $60 | $100 | $100 | $100 | $100 |
| Series 23: General Securities Principal Examination – Sales Supervisor Module | $105 | $105 | $135 | $135 | $135 | $135 |
| Series 24: General Securities Principal Examination | $175 | $175 | $235 | $235 | $235 | $235 |
| Series 26: Investment Company Products and Variable Contracts Principal Examination | $150 | $150 | $200 | $200 | $200 | $200 |
| Series 27: Financial and Operations Principal Examination | $175 | $175 | $235 | $235 | $235 | $235 |
| Series 28: Introducing Broker-Dealer Financial and Operations Principal Examination | $150 | $150 | $195 | $195 | $195 | $195 |
| Series 39: Direct Participation Programs Principal Examination | $100 | $100 | $200 | $200 | $200 | $200 |
| Series 57: Securities Trader Examination | $80 | $80 | $105 | $105 | $105 | $105 |
| Series 79: Investment Banking Representative Examination | $300 | $300 | $395 | $395 | $395 | $395 |
| Series 82: Private Securities Offering Representative Examination | $60 | $60 | $100 | $100 | $100 | $100 |
| Series 86: Research Analyst Examination -- Analysis | $225 | $225 | $295 | $295 | $295 | $295 |
| Series 87: Research Analyst Examination -- Regulatory | $150 | $150 | $195 | $195 | $195 | $195 |
| Series 99: Operations Professional Examination | $60 | $60 | $100 | $100 | $100 | $100 |
Continuing Education Regulatory Element Fee
| Fee | 2024 | 2025 (No Change) | 2026 | 2027 | 2028 | 2029 |
|---|
| Continuing Education | $18 | $18 | $25 | $25 | $25 | $25 |
Corporate Financing Private Placement Review Fee
| Private Placements (Offerings >$25M) | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 |
|---|
| Flat Fee | $0 | $0 | $0 | $300 | $300 | $300 |
| % of Offering | 0% | 0% | 0% | 0.008% | 0.008% | 0.008% |
| Offering Cap | $0 | $0 | $0 | $500 million | $500 million | $500 million |
Corporate Financing Public Offering Review Fee Cap
| IPO | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 |
|---|
| Non-WKSI | $225,000 | $225,000 | $225,000 | $1,125,000 | $1,125,000 | $1,125,000 |
| WKSI | $225,000 | $225,000 | $225,000 | $389,000 | $467,000 | $560,000 |
Advertising Regulation Review
| Fee | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 |
|---|
| Regular Review Charge (non-expedited) | $125 | $300 | $300 | $300 | $300 | $300 |
Dispute Resolution Services Arbitration:6 Hearing Session Fees
| 2024 | | 2025-2029 |
Amount of Claim (exclusive of interest and expenses) | Hearing Session w/ One Arbitrator | Hearing Session w/ Three Arbitrators | | Hearing Session w/ One Arbitrator | Hearing Session w/ Three Arbitrators |
| Up to $2,500 | $50 | N/A | | $50 | N/A |
| $2,500.01 to $5,000 | $125 | N/A | | $125 | N/A |
| $5,000.01 to $10,000 | $250 | N/A | | $250 | N/A |
| $10,000.01 to $25,000 | $450 | N/A | | $450 | N/A |
| $25,000.01 to $50,000 | $450 | $600 | | $450 | $600 |
| $50,000.01 to $100,000 | $450 | $750 | | $450 | $750 |
| $100,000.01 to $500,000 | $450 | $1,125 | | $675 | $1,690 |
| $500,000.01 to $1,000,000 | $450 | $1,325 | | $675 | $1,990 |
| $1,000,000.01 to $5,000,000 | $450 | $1,435 | | $675 | $2,160 |
| Over $5,000,000 | $450 | $1,575 | | $675 | $2,370 |
| Non-Monetary / Not Specified | $450 | $1,150 | | $675 | $1,725 |
Dispute Resolution Services Arbitration: Filing Fee (Customers, Associated Persons, and other Non-Members)
| Amount of Claim (exclusive of interest and expenses) | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 |
|---|
| $.01 to $1,000 | $50 | $50 | $50 | $50 | $50 | $50 |
| $1,000.01 to $2,500 | $75 | $75 | $75 | $75 | $75 | $75 |
| $2,500.01 to $5,000 | $175 | $175 | $175 | $175 | $175 | $175 |
| $5,000.01 to $10,000 | $325 | $325 | $325 | $325 | $325 | $325 |
| $10,000.01 to $25,000 | $425 | $425 | $425 | $425 | $425 | $425 |
| $25,000.01 to $50,000 | $600 | $600 | $600 | $600 | $600 | $600 |
| $50,000.01 to $100,000 | $975 | $975 | $975 | $975 | $975 | $975 |
| $100,000.01 to $500,000 | $1,425 | $1,790 | $1,790 | $1,790 | $1,790 | $1,790 |
| $500,000.01 to $1,000,000 | $1,740 | $2,175 | $2,175 | $2,175 | $2,175 | $2,175 |
| $1,000,000.01 to $5,000,000 | $2,025 | $2,540 | $2,540 | $2,540 | $2,540 | $2,540 |
| Over $5,000,000 | $2,300 | $2,875 | $2,875 | $2,875 | $2,875 | $2,875 |
| Non-Monetary/Not Specified | $1,600 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
Dispute Resolution Services Arbitration: Filing Fee (Members)
| Amount of Claim (exclusive of interest and expenses) | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 |
|---|
| .01 to $1,000 | $225 | $225 | $225 | $225 | $225 | $225 |
| $1,000.01 to $2,500 | $350 | $350 | $350 | $350 | $350 | $350 |
| $2,500.01 to $5,000 | $525 | $525 | $525 | $525 | $525 | $525 |
| $5,000.01 to $10,000 | $750 | $750 | $750 | $750 | $750 | $750 |
| $10,000.01 to $25,000 | $1,050 | $1,050 | $1,050 | $1,050 | $1,050 | $1,050 |
| $25,000.01 to $50,000 | $1,450 | $1,450 | $1,450 | $1,450 | $1,450 | $1,450 |
| $50,000.01 to $100,000 | $1,750 | $1,750 | $1,750 | $1,750 | $1,750 | $1,750 |
| $100,000.01 to $500,000 | $2,125 | $2,660 | $2,660 | $2,660 | $2,660 | $2,660 |
| $500,000.01 to $1,000,000 | $2,650 | $3,320 | $3,320 | $3,320 | $3,320 | $3,320 |
| $1,000,000.01 to $5,000,000 | $3,550 | $4,440 | $4,440 | $4,440 | $4,440 | $4,440 |
| Over $5,000,000 | $4,200 | $5,250 | $5,250 | $5,250 | $5,250 | $5,250 |
| Non-Monetary/Not Specified | $1,800 | $2,250 | $2,250 | $2,250 | $2,250 | $2,250 |
Dispute Resolution Services Arbitration: Partial Filing Fee Refund
| Amount of Claim (exclusive of interest and expenses) | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 |
|---|
| $.01 to $1,000 | $25 | $25 | $25 | $25 | $25 | $25 |
| $1,000.01 to $2,500 | $50 | $50 | $50 | $50 | $50 | $50 |
| $2,500.01 to $5,000 | $125 | $125 | $125 | $125 | $125 | $125 |
| $5,000.01 to $10,000 | $250 | $250 | $250 | $250 | $250 | $250 |
| $10,000.01 to $25,000 | $300 | $300 | $300 | $300 | $300 | $300 |
| $25,000.01 to $50,000 | $450 | $450 | $450 | $450 | $450 | $450 |
| $50,000.01 to $100,000 | $750 | $750 | $750 | $750 | $750 | $750 |
| $100,000.01 to $500,000 | $1,125 | $1,410 | $1,410 | $1,410 | $1,410 | $1,410 |
| $500,000.01 to $1,000,000 | $1,300 | $1,625 | $1,625 | $1,625 | $1,625 | $1,625 |
| $1,000,000.01 to $5,000,000 | $1,400 | $1,750 | $1,750 | $1,750 | $1,750 | $1,750 |
| Over $5,000,000 | $1,500 | $1,875 | $1,875 | $1,875 | $1,875 | $1,875 |
| Non-Monetary/Not specified | $1,200 | $1,500 | $1,500 | $1,500 | $1,500 | $1,500 |
Dispute Resolution Services Arbitration: Member Surcharge
| Amount of Claim (exclusive of interest and expenses) | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 |
|---|
| $.01 to $5,000 | $150 | $165 | $165 | $165 | $165 | $165 |
| $5,000.01–$10,000 | $325 | $360 | $360 | $360 | $360 | $360 |
| $10,000.01–$25,000 | $450 | $495 | $495 | $495 | $495 | $495 |
| $25,000.01–$50,000 | $750 | $975 | $975 | $975 | $975 | $975 |
| $50,000.01–$100,000 | $1,100 | $1,430 | $1,430 | $1,430 | $1,430 | $1,430 |
| $100,000.01–$250,000 | $1,700 | $2,210 | $2,210 | $2,210 | $2,210 | $2,210 |
| $250,000.01–$500,000 | $2,025 | $2,640 | $2,640 | $2,640 | $2,640 | $2,640 |
| $500,000.01–$1,000,000 | $2,625 | $3,420 | $3,420 | $3,420 | $3,420 | $3,420 |
| $1,000,000.01–$5,000,000 | $3,200 | $4,800 | $4,800 | $4,800 | $4,800 | $4,800 |
| $5,000,000.01–$10,000,000 | $3,850 | $5,775 | $5,775 | $5,775 | $5,775 | $5,775 |
| Over $10,000,000 | $4,325 | $6,490 | $6,490 | $6,490 | $6,490 | $6,490 |
| Non-Monetary/Not Specified | $2,000 | $2,600 | $2,600 | $2,600 | $2,600 | $2,600 |
Dispute Resolution Services Arbitration: Member Process Fee
| Amount of Claim (exclusive of interest and expenses) | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 |
|---|
| $.01–$25,000 | $0 | $0 | $0 | $0 | $0 | $0 |
| $25,000.01–$50,000 | $1,750 | $2,275 | $2,275 | $2,275 | $2,275 | $2,275 |
| $50,000.01–$100,000 | $2,250 | $2,925 | $2,925 | $2,925 | $2,925 | $2,925 |
| $100,000.01–$250,000 | $3,250 | $4,225 | $4,225 | $4,225 | $4,225 | $4,225 |
| $250,000.01–$500,000 | $3,875 | $5,040 | $5,040 | $5,040 | $5,040 | $5,040 |
| $500,000.01–$1,000,000 | $5,225 | $6,800 | $6,800 | $6,800 | $6,800 | $6,800 |
| $1,000,000.01–$5,000,000 | $6,375 | $9,570 | $9,570 | $9,570 | $9,570 | $9,570 |
| $5,000,000.01–$10,000,000 | $7,050 | $10,575 | $10,575 | $10,575 | $10,575 | $10,575 |
| Over $10,000,000 | $7,300 | $10,950 | $10,950 | $10,950 | $10,950 | $10,950 |
| Non-Monetary/Not Specified | $3,850 | $5,005 | $5,005 | $5,005 | $5,005 | $5,005 |
Regulation T and Exchange Act Rule 15c3-3(n) Requests for Extension of Time
| 2024 | 2025 | 2026 | 2027 | 2028 | 2029 |
|---|
| $4 per request | $8 per request | $8 per request | $8 per request | $8 per request | $8 per request |
1 Unless specified otherwise, fee increases take effect on January 1 of the year stated.
2 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 to the FINRA By-Laws 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 percent, based on the number of registered personnel being transferred. FINRA is not making any changes to the discount schedule.
3 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.
4 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.
5 This fee applies for processing and posting to the CRD system each set of fingerprints submitted in non-electronic format 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.
6 The Dispute Resolution Services Arbitration fee increases will be implemented in both the Code of Arbitration Procedure for Customer Disputes and the Code of Arbitration Procedure for Industry Disputes.
