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Revisions to By-Laws Regarding the Regulatory Fee and the SEC Section 31 Transaction Fee

NASD has filed with the SEC a proposed rule change to amend Schedule A to NASD By-Laws to amend its member regulatory pricing structure. Under the structure this rule proposal is intended to change, three types of fees and assessments are used to fund NASD's member regulatory activities: Regulatory Fee, Personnel Assessment, and Gross Income Assessment.