7004B. Late Fees
This rule is no longer applicable. NASD Rule 7004B has been superseded by FINRA Rule 7640A. Please consult the appropriate FINRA Rule.
(a) All charges imposed by the NASD/Nasdaq Trade Reporting Facility that are past due 45 days or more will be subject to a late fee computed by taking the summation of one and one-half percent (1 ½%) of the amount past due for the first month plus one and one-half percent (1 ½%) of the amount past due for any month thereafter, compounded by late fees assessed for previous months.
(b) To illustrate how late fees are assessed, if an account is past due $1,000 for 45 days, the late fee would be $30.22. This charge reflects a charge of $15 for the first month past due ($1,000 x 1 ½%) and $15.22 for the second month past due ($1,015 x 1 ½%).
Amended by SR-NASD-2007-051 eff. Aug. 1, 2007.
Adopted by SR-NASD-2006-090 eff. Aug. 1, 2006.