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 Notices
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13-11 FINRA Provides a Process for Waiving CMA Fees for Less Significant CMA Changes and Refunding of NMA and CMA Fees for Applications Withdrawn Within 30 Days After Filing; Effective Date: Immediately

12-32 Changes to Advertising, Corporate Financing, New Membership and Continuing Membership Application, Central Registration Depository and Branch Office Annual Registration Fees

12-16 Changes to Qualification Examination Fees and New Service Charge for Regulatory Element Continuing Education Sessions Taken Outside the United States; Effective Date: April 2, 2012

11-36 Changes to Fees for Cancelling or Rescheduling a Qualification Examination or Regulatory Element Continuing Education Session

09-71 SEC Approves Consolidated FINRA Rules Governing Financial Responsibility; Effective Date: February 8, 2010

09-67 Regulatory Element Continuing Education Fees to Increase; Effective Date: January 4, 2010

08-61 Proposed Amendments to Qualification Examination Fees in Section 4(c) of Schedule A to the FINRA By-Laws; Proposed Implementation Date: January 2, 2009

04-25 SEC Approves New NASD Research Analyst Qualification and Examination Requirements (Series 86/87)

01-54 SEC Approves Proposed Additions To The List Of Rules Appropriate For Disposition As Minor Violations Of Rules And For The Establishment Of Late Fees For Certain Filings And Reports

99-75 Series 7 Examination Fee Increase Effective September 15, 1999

98-89 NASD Announces Changes In CRD Filing Fees

95-59 Temporary Fee Increase For Agent Registration Filings;

Section 4 — Fees


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(a)(1) Each member shall be assessed a registration fee of $75.00 and a branch office system processing fee of $20.00 upon the registration of each branch office, as defined in the By-Laws.
(2) FINRA shall waive, for the first branch office registered by a member, payment of the $75.00 registration fee and the $20.00 branch office system processing fee (where such fees have been assessed pursuant to paragraph (a)(1)).
(3) Each member also shall be assessed:
(A) an annual registration fee of:
(i) $175, for each of the first 250 branch offices registered by the member;
(ii) $150, for each of branch offices 251 to 500 registered by the member;
(iii) $125, for each of branch offices 501 to 1,000 registered by the member;
(iv) $100, for each of branch offices 1,001 to 2,000 registered by the member;
(v) $75, for every branch office greater than 2,000 registered by the member; and
(B) an annual branch office system processing fee of $20.00 per registered branch.
(4) FINRA shall waive, for one branch office per member per year, payment of the $175 annual registration fee (where such fee has been assessed pursuant to paragraph (a)(3)(A)(i) and the $20.00 annual branch office system processing fee assessed pursuant to paragraph (a)(3)(B).
(b) FINRA shall assess each member a fee of:
(1) $100.00 for each initial Form U4 filed by the member with FINRA for the registration of a representative or principal, except that the following discounts shall apply to the filing of Forms U4 to transfer the registration of representatives or principals in connection with acquisition of all or a part of a member's business by another member:

Number of Registered Personnel Transferred

Discount

1,000–1,999

10%

2,000–2,999

20%

3,000–3,999

30%

4,000–4,999

40%

5,000 and over

50%

(2) $40.00 for each initial Form U5 filed by the member with FINRA for the termination of a registered representative or registered principal, plus a late filing fee of $80.00 if the member fails to file the initial Form U5 within 30 days after the date of termination;
(3) $110.00 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) $15.00 for processing and posting to the CRD system each set of fingerprints submitted electronically by the 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) $30.00 for processing and posting to the CRD system each set of fingerprint cards submitted in non-electronic format by the 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) $30.00 for processing and posting to the CRD system each set of fingerprint results and identifying information that have been processed through another self-regulatory organization and submitted by a member to FINRA;
(7) $45.00 annually for each of the member's registered representatives and principals for system processing; and
(8) 10% of a member's final annual renewal assessment or $100, whichever is greater, with a maximum charge of $5,000, if the member fails timely to pay the amount indicated on its preliminary annual renewal statement.
(c) The following fees shall be assessed to each individual who registers to take an examination as described below. These fees are in addition to the registration fee described in paragraph (b) and any other fees that the owner of an examination that FINRA administers may assess.
Series 4 Registered Options Principal $105
Series 6 Investment Company Products/Variable Contracts Representative $100
Series 7 General Securities Representative $305
Series 9 General Securities Sales Supervisor — Options Module $80
Series 10 General Securities Sales Supervisor — General Module $125
Series 11 Assistant Representative — Order Processing $80
Series 14 Compliance Official $350
Series 16 Supervisory Analyst $240
Series 17 Limited Registered Representative $80
Series 22 Direct Participation Programs Representative $100
Series 23 General Securities Principal Sales Supervisor Module $100
Series 24 General Securities Principal $120
Series 26 Investment Company Products/Variable Contracts Principal $100
Series 27 Financial and Operations Principal $120
Series 28 Introducing Broker-Dealer Financial and Operations Principal $100
Series 37 Canada Module of S7 (Options Required) $185
Series 38 Canada Module of S7 (No Options Required) $185
Series 39 Direct Participation Programs Principal $95
Series 42 Registered Options Representative $75
Series 50 Municipal Advisor Representative $115
Series 51 Municipal Fund Securities Limited Principal $105
Series 52 Municipal Securities Representative $130
Series 53 Municipal Securities Principal $115
Series 57 Securities Trader $120
Series 62 Corporate Securities Limited Representative $95
Series 72 Government Securities Representative $110
Series 79 Investment Banking Qualification Examination $305
Series 82 Limited Representative — Private Securities Offering $95
Series 86 Research Analyst — Analysis $185
Series 87 Research Analyst — Regulatory $130
Series 99 Operations Professional $130
(1) Persons for whom any qualification examination is waived pursuant to Rule 1070 shall be assessed as an application fee the examination fee for each qualification examination so waived.
(2) There shall be an additional service charge of $15.00 for any examination or Regulatory Element session taken in a test center located outside the territorial limits of the United States.
(3) There shall be a service charge equal to the examination or Regulatory Element session fee assessed to each individual who, having made an appointment for a specific time and place for a test center-based administration of an examination listed above or Regulatory Element session, fails to timely appear for such appointment or cancels or reschedules such appointment within two business days prior to the test center appointment date.
(4) There shall be a service charge equal to one-half of the examination or Regulatory Element session fee assessed to each individual who, having made an appointment for a specific time and place for a test center-based administration of an examination listed above or Regulatory Element session, cancels or reschedules such appointment three to 10 business days prior to the test center appointment date.
(d) In the event a member believes it should not be required to pay the late filing fee, it shall be entitled to a hearing in accordance with the procedures set forth in the Rule 9520 Series.
(e)(1) In addition to any dues or fees otherwise payable, each applicant for membership shall be assessed an application fee, based on the number of registered persons proposed to be associated with the applicant at the time the application is filed, as outlined in the tables below:
Number of Registered Persons Associated with Applicant Small Medium Large
Tier 1 1–10 151–300 501–1,000
Tier 2 11–100 301–500 1,001–5,000
Tier 3 101–150 N/A >5,000

Application Fee per Tier Small Medium Large
Tier 1 $7,500 $25,000 $35,000
Tier 2 $12,500 $30,000 $45,000
Tier 3 $20,000 N/A $55,000
(2) Each applicant for membership also shall be assessed an additional $5,000 if the applicant will be engaging in any clearing and carrying activity.
(f) There shall be a session fee of $55 assessed to each individual who completes the Regulatory Element of the Continuing Education requirements pursuant to FINRA rules.
(g)(1) Unless a specific temporary extension of time has been granted, there shall be imposed upon each member required to file reports, as designated by this paragraph ("Designated Reports"), a fee of $100 for each day that such report is not timely filed. The fee will be assessed for a period not to exceed 10 business days. Requests for such extension of time must be submitted to FINRA at least three business days prior to the due date; and
(2) Any report filed pursuant to this Rule containing material inaccuracies or filed incompletely shall be deemed not to have been filed until a corrected copy of the report has been resubmitted.
(3) List of Designated Reports:
(A) SEA Rule 17a-5 — Monthly and quarterly FOCUS reports and annual audit reports;
(B) SEA Rule 17a-10 — Schedule I;
(C) FINRA Rule 4140 — any audited financial and/or operational report or examination report required pursuant to Rule 4140; and
(D) FINRA Rule 4521 — any report, notification or information required pursuant to Rule 4521.
(h) FINRA shall assess each member a fee of $100.00 on the first day and $25.00 for each subsequent day, up to a maximum of $1,575, that a new disclosure event or a change in the status of a previously reported disclosure event is not timely filed as required by FINRA on an initial Form U5, an amendment to a Form U5, or an amendment to a Form U4, with such fee to be assessed starting on the day following the last date on which the event was required to be reported.
(i)(1) In addition to any dues or fees otherwise payable, each applicant submitting an application for approval of a change in ownership, control, or business operations shall be assessed an application fee, based on the number of registered persons associated with the applicant (including registered persons proposed to be associated with the applicant upon approval of the application) at the time the application is filed and the type of change in ownership, control, or business operations, as outlined in the tables below:
Number of Registered Persons Associated with Applicant Small Medium Large
Tier 1 1–10 151–300 501–1,000
Tier 2 11–100 301–500 1,001–5,000
Tier 3 101–150 N/A >5,000

Application Fee per Tier Small Medium Large
Merger      
Tier 1 $7,500 $25,000 $50,000
Tier 2 $12,500 $30,000 $75,000
Tier 3 $20,000 N/A $100,000
Material Change      
Tier 1 $5,000 $20,000 $35,000
Tier 2 $10,000 $25,000 $50,000
Tier 3 $15,000 N/A $75,000
Ownership Change $5,000 $10,000 $15,000
Transfer of Assets $5,000 $10,000 $15,000
Acquisition $5,000 $10,000 $15,000
(2) If an applicant's application for approval of a change in ownership, control, or business operations involves more than one type of application identified in the "application fee per tier and application type" table in paragraph (i)(1) of this section, the application fee shall be the highest amount of the applicable fees (e.g., the application fee for an applicant associated with 1–10 registered persons filing an application involving a merger and material change would be $7,500).
(3) FINRA shall waive the fee assessed pursuant to paragraph (i)(1) for a continuing membership application where FINRA determines that such application is proposing less significant changes that do not require substantial staff review. For example, a continuing membership application may qualify for a fee waiver under this paragraph (i)(3) where the proposed change:
(A) does not make any day-to-day changes in the applicant's business activities, management, supervision, assets, or liabilities, and the applicant is only proposing a change in the:
(i) applicant's legal structure (e.g., changing from a corporation to an LLC);
(ii) equity ownership, partnership capital, or other ownership interest in an applicant held by a corporate legal structure that is due solely to a reorganization of ownership or control of the applicant within the corporate legal structure (e.g., reorganizing only to add a holding company to the corporate legal structure's ownership or control chain of the applicant); or
(iii) percentage of ownership interest or partnership capital of an applicant's existing owners or partners resulting in an owner or partner owning or controlling 25 percent or more of the ownership interest or partnership and that owner or partner has no disclosure or disciplinary issues in the preceding five years; or
(B) is filed in connection with a direct or indirect acquisition or transfer of 25 percent or more in the aggregate of the applicant's assets or any asset, business, or line of operation that generates revenues composing 25 percent or more in the aggregate of the applicant's earnings, measured on a rolling 36-month basis, where the applicant also is ceasing operations as a broker or dealer (including filing a Form BDW with the SEC); and there are either:
(i) no pending or unpaid settled customer related claims (including, but not limited to, pending or unpaid settled arbitration or litigation actions) against the applicant or any of its associated persons; or
(ii) pending or unpaid settled customer related claims (including, but not limited to, pending or unpaid settled arbitration or litigation actions) against the applicant or its associated persons, but the applicant demonstrates in the continuing membership application its ability to satisfy in full any unpaid customer related claim (e.g., sufficient capital or escrow funds, proof of adequate insurance for customer related claims).
Amended by SR-FINRA-2016-025 eff. July 1, 2016.
Amended by SR-FINRA-2015-044 eff. Jan. 4, 2016.
Amended by SR-FINRA-2015-015 eff. Oct. 1, 2015.
Amended by SR-FINRA-2015-031 eff. Sept. 21, 2015.
Amended by SR-FINRA-2015-027 eff. Aug. 24, 2015.
Amended by SR-FINRA-2015-006 eff. Apr. 1, 2015.
Amended by SR-FINRA-2013-015 eff. Feb. 5, 2013.
Amended by SR-FINRA-2012-030 eff. Jan. 2, 2013.
Amended by SR-FINRA-2012-031 eff. Jan. 2, 2013.
Amended by SR-FINRA-2012-031 eff. July 23, 2012.
Amended by SR-FINRA-2012-009 eff. Apr. 2, 2012.
Amended by SR-FINRA-2011-042 eff. Oct. 17, 2011.
Amended by SR-FINRA-2011-026 eff. Sept. 1, 2011.
Amended by SR-FINRA-2010-016 eff. April 9, 2010.
Amended by SR-FINRA-2008-067 eff. Feb. 8, 2010.
Amended by SR-FINRA-2009-071 eff. Jan. 4, 2010.
Amended by SR-FINRA-2009-056 eff. Nov. 2, 2009.
Amended by SR-FINRA-2008-053 eff. Jan. 2, 2009.
Amended by SR-FINRA-2008-001 eff. Jan. 1, 2008.
Amended by SR-FINRA-2008-035 eff. July 30, 2007.
Amended by SR-NASD-2006-065 eff. July 3, 2006.
Amended by SR-NASD-2005-133 eff. Jan. 1, 2006.
Amended by SR-NASD-2005-132 eff. Jan. 1, 2006.
Amended by SR-NASD-2004-145 eff. Jan. 1, 2005.
Amended by SR-NASD-2004-087 eff. June 7, 2004.
Amended by SR-NASD-2004-049 eff. Mar. 30, 2004.
Amended by SR-NASD-2003-192 eff. Feb. 11, 2004.
Amended by SR-NASD-2004-115 eff. Jan. 1, 2004.
Amended by SR-NASD-2003-148 eff. Oct. 3, 2003.
Amended by SR-NASD-2003-109 eff. July 10, 2003.
Amended by SR-NASD-2002-182 eff. Dec. 24, 2002.
Amended by SR-NASD-2002-147 eff. Oct. 18, 2002.
Amended by SR-NASD-2002-100 eff. July 25, 2002.
Amended by SR-NASD-2002-98 eff. July 24, 2002.
Amended by SR-NASD-00-39 eff. Sept. 10, 2001.
Amended by SR-NASD-99-38 eff. Sept. 15, 1999.
Amended by SR-NASD-99-43 eff. Sept. 7, 1999.
Amended by SR-NASD-98-77 eff. Jan 1, 1999.
Amended by SR-NASD-98-95 eff. Dec 21, 1998.
Amended by SR-NASD-96-53 eff. Jan 3, 1997.
Amended by SR-NASD-95-32 eff. July 26, 1995.
Amended by SR-NASD-95-23 eff. July 1, 1995.
Amended by SR-NASD-94-58 eff. Dec. 9, 1994.
Amended by SR-NASD-94-06 eff. Feb. 9, 1994.
Amended by SR-NASD-94-05 eff. Jan. 21, 1994.
Schedule A, Sec. 2 amended eff. May 20, 1975; May 30, 1979; Oct. 1, 1979; Nov. 23, 1982; Oct. 1, 1985; Aug. 14, 1987; Apr. 4, 1990 (eff. May 1, 1990); May 3, 1990; Aug. 13, 1990; Mar. 1, 1991; July 16, 1991; Nov. 4, 1992; July 13, 1993.

Selected Notices: 95-59, 98-89; 99-75, 01-54, 04-25, 08-61, 09-67, 09-71, 11-36, 12-16, 12-32, 13-11, 15-28, 15-45.

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