Summary
FINRA has amended its By-Laws to exempt from the Trading Activity Fee (TAF) any transaction by a proprietary trading firm that occurs on an exchange of which the proprietary trading firm is a member.
The amendment to FINRA’s TAF will take effect on November 6, 2023.
The amended text of the FINRA By-Laws is set forth in Attachment A.
Questions regarding this Notice should be directed
Unintended Consequences I have been a long time critic of the net capital rule. The vast majority of FINRA Members (Not Subjects) are Introducing Broker Dealers. We spend thousands of dollars each year to maintain net capital and the audited financials that are required. If a introducing Broker Dealer goes under who is harmed? The client has their funds held in separate accounts and they get
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FINRA Requests Comment on FINRA Rules Impacting Capital Formation
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Financial Industry Regulatory Authority, Inc. (“FINRA”) is filing with the Securities and Exchange Commission (“Commission”) a proposed rule change to extend the current pilot program related to FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities) (“Clearly Erroneous Transaction Pilot” or “Pilot”) until July 20, 2022.
