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  • Schedule A to the By-Laws of the Corporation

    Assessments and fees pursuant to the provisions of Article VI of the By-Laws of the Corporation shall be determined on the following basis.
    Amended by SR-FINRA-2008-001 eff. Jan. 1, 2008.
    Amended by SR-NASD-2002-162 eff. Dec. 24, 2002.
    Amended by SR-NASD-2002-98 eff. July 24, 2002.

    • Section 1 — Member Regulatory Fees

      (a) Recovery of cost of services. FINRA shall, in accordance with this section, collect member regulatory fees that are designed to recover the costs to FINRA of the supervision and regulation of members, including performing examinations, financial monitoring, and policy, rulemaking, interpretive, and enforcement activities. FINRA shall periodically review these revenues in conjunction with these costs to determine the applicable rate. FINRA shall publish notices of the fees and adjustments to the assessment rates applicable under this section.
      (b) Each member shall be assessed a Trading Activity Fee for the sale of covered securities.
      (1) Covered Securities. For purposes of the rule, covered securities shall mean:
      (A) All exchange registered securities wherever executed (except debt securities that are not TRACE-Eligible Securities);
      (B) All other equity securities traded otherwise than on an exchange;
      (C) All security futures wherever executed;
      (D) All "TRACE-Eligible Securities" wherever executed, provided that the transaction also is a "Reportable TRACE Transaction," as these terms are defined in Rule 6710; and
      (E) All municipal securities subject to MSRB reporting requirements.
      (2) Transactions exempt from the fee. The following shall be exempt from the Trading Activity Fee:
      (A) Transactions in securities offered pursuant to an effective registration statement under the Securities Act of 1933 (except transactions in put or call options issued by the Options Clearing Corporation) or offered in accordance with an exemption from registration afforded by Section 3(a) or 3(b) thereof, or a rule thereunder;
      (B) Transactions by an issuer not involving any public offering within the meaning of Section 4(2) of the Securities Act of 1933 (except any "Reportable TRACE Transaction");
      (C) The purchase or sale of securities pursuant to and in consummation of a tender or exchange offer;
      (D) The purchase or sale of securities upon the exercise of a warrant or right (except a put or call), or upon the conversion of a convertible security;
      (E) Transactions that are executed outside the United States and are not reported, or required to be reported, to a transaction reporting association as defined in SEC Rule 600(b)(81) and any approved plan filed in accordance with SEC Rule 11Aa3-1 or SEC Rule 601;
      (F) Proprietary transactions by a firm that is a member of both FINRA and a national securities exchange, effected in its capacity as an exchange specialist or market maker, that are subject to Securities Exchange Act of 1934, Section 11(a) and Rule 11a1-1(T)(a) thereunder; however this exemption does not apply to other transactions permitted by Section 11(a) such as bona fide arbitrage or hedge transactions;
      (G) Transactions by a firm that is a floor based broker and that is a member of both FINRA and a national securities exchange provided that the floor based broker qualifies for exemption from FINRA membership under Exchange Act Rule 15b9-1;
      (H) Transactions in conventional options;
      (I) Transactions in options and futures involving narrow and broad based indexes;
      (J) Transactions in security futures held in futures accounts;
      (K) Proprietary transactions in TRACE-Eligible Securities by a firm that is a member of both FINRA and a national securities exchange and that are effected in the firm's capacity as an exchange specialist or exchange market maker; and
      (L) Transactions in U.S. Treasury Securities, as that term is defined in Rule 6710.
      FINRA may exempt other securities and transactions as it deems appropriate.
      (3) Fee Rates*
      (A) Each member shall pay to FINRA a fee per share for each sale of a covered equity security.
      (B) Each member shall pay to FINRA a fee per contract for each sale of an option.
      (C) Each member shall pay to FINRA a fee for each round turn transaction (treated as including one purchase and one sale of a contract of sale for future delivery) of a security future.
      (D) Each member shall pay to FINRA a fee per bond for each sale of a covered TRACE-Eligible Security (other than an Asset-Backed Security, as that term is defined in Rule 6710) and/or municipal security.
      (E) Each member shall pay to FINRA a fee based on the reported value of the sale of an Asset-Backed Security, as that term is defined in Rule 6710.
      (4) Reporting of Transactions. Members shall report to FINRA the aggregate share, bond, contract, and/or round turn volume of sales of covered securities in a manner as prescribed by FINRA from time to time.
      (c) Subject to paragraph (d), each member shall pay an annual Gross Income Assessment equal to the greater of:
      (1) the total of:
      (A) $1,200.00 on annual gross revenue up to $1 million;
      (B) 0.1215% of annual gross revenue greater than $1 million up to $25 million;
      (C) 0.2599% of annual gross revenue greater than $25 million up to $50 million;
      (D) 0.0518% of annual gross revenue greater than $50 million up to $100 million;
      (E) 0.0365% of annual gross revenue greater than $100 million up to $5 billion;
      (F) 0.0397% of annual gross revenue greater than $5 billion up to $25 billion; and
      (G) 0.0855% of annual gross revenue greater than $25 billion; or
      (2) The average Gross Income Assessment from the preceding three calendar years, to be determined by adding the Gross Income Assessment calculation pursuant to paragraph (c)(1) to the actual Gross Income Assessment in the preceding two calendar years, then dividing by three.
      The rate structure set forth in paragraph (c)(1) will be implemented over a three year period beginning in 2008 in such manner as specified by FINRA.
      For the purpose of paragraph (c)(1), each member is to report annual gross revenue as defined in Section 2 of this Schedule for the preceding calendar year.
      (d) Notwithstanding paragraph (c)(2), a member whose annual gross revenue does not exceed $25 million shall pay an annual Gross Income Assessment equal to amount set forth in paragraphs (c)(1).
      (e) Each member shall pay an annual Personnel Assessment equal to:
      (1) $150.00 per principal and each representative up to five principals and representatives as defined below;
      (2) $140.00 per principal and each representative for six principals and representatives up to twenty-five principals and representatives as defined below; or
      (3) $130.00 per principal and each representative for twenty-six or more principals and representatives as defined below.
      A principal or representative is defined as a principal or representative in the member's organization who is registered with FINRA as of December 31st of the prior fiscal year.


      * Trading Activity Fee rates are as follows: Each member shall pay to FINRA: (1) $0.000119 per share for each sale of a covered equity security, with a maximum charge of $5.95 per trade; (2) $0.002 per contract for each sale of an option; (3) $0.00008 per contract for each round turn transaction of a security future, provided there is a minimum charge of $0.01 per round turn transaction; (4) $0.00075 per bond for each sale of a covered TRACE-Eligible Security (other than an Asset-Backed Security) and/or municipal security, with a maximum charge of $0.75 per trade; and (5) $0.00000075 times the value, as reported to TRACE, of a sale of an Asset-Backed Security, with a maximum charge of $0.75 per trade. In addition, if the execution price for a covered security is less than the Trading Activity Fee rate ($0.000119 for covered equity securities, $0.002 for covered option contracts, or $0.01 for a security future) on a per share, per contract, or round turn transaction basis then no fee will be assessed.

      Amended by SR-FINRA-2016-027 eff. July 10, 2017.
      Amended by SR-FINRA-2014-046 eff. Jan. 1, 2015.
      Amended by SR-FINRA-2012-044 eff. Oct. 1, 2012.
      Amended by SR-FINRA-2012-023 eff. July 1, 2012.
      Amended by SR-FINRA-2012-008 eff. March 1, 2012.
      Amended by SR-FINRA-2011-071 eff. March 1, 2012.
      Amended by SR-FINRA-2011-020 eff. July 1, 2011.
      Amended by SR-FINRA-2011-004 eff. May 16, 2011.
      Amended by SR-FINRA-2010-046 eff. Nov. 1, 2010.
      Amended by SR-FINRA-2009-057 eff. Jan. 1, 2010.
      Amended by SR-FINRA-2008-001 eff. Jan. 1, 2008.
      Amended by SR-NASD-2006-091 eff. March 5, 2007.
      Amended by SR-NASD-2003-201 partially effective Nov. 1, 2004 and fully effective April 1, 2005.
      Amended by SR-NASD-2003-93 eff. Sept. 1, 2003.
      Amended by SR-NASD-2002-148 eff. May 30, 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-2002-98 eff. July 24, 2002.
      Amended by SR-NASD-2002-65 eff. June 27, 2002.
      Amended by SR-NASD-97-62 eff. Aug. 22, 1997.
      Amended by SR-NASD-96-57 eff. Jan. 2, 1997.
      Amended by SR-NASD-95-52 eff. Nov. 3, 1995.
      Amended by SR-NASD-95-23 eff. July 11, 1995.
      Amended by SR-NASD-94-58 eff. Nov. 30, 1994.
      Amended by SR-NASD-94-29 eff. May 23, 1994.
      Amended by SR-NASD-94-03 eff. Jan. 14, 1994.
      Amended by SR-NASD-93-71 eff. Dec. 2, 1993.
      Amended by SR-NASD-93-30 eff. July 4, 1993.
      Amended by SR-NASD-92-24 eff. July 23, 1992.
      Amended by SR-NASD-91-69 eff. Dec. 17, 1991.
      Amended by SR-NASD-90-66 eff. Jan. 1, 1991.
      Amended by SR-NASD-89-37 eff. Oct. 1, 1989.
      Amended by SR-NASD-88-55 eff. Sept. 21, 1989.
      Amended by SR-NASD-88-41 eff. Oct. 1, 1988.
      Amended by SR-NASD-87-30 eff. Oct. 1, 1987.
      Amended by SR-NASD-86-24 eff. Oct. 1, 1986.
      Amended by SR-NASD-85-23 eff. Oct. 1, 1985.
      Amended by SR-NASD-84-13 eff. Sept. 6, 1984.
      Amended by SR-NASD-83-18 eff. Oct. 1, 1983.
      Amended by SR-NASD-83-7 eff. July 1, 1983
      Amended by SR-NASD-79-7 eff. Oct. 1, 1979.
      Amended by SR-NASD-78-18 eff. Nov. 22, 1978.
      Amended by SR-NASD-78-01 eff. Oct. 1, 1977.
      Amended by SR-NASD-76-12 eff. Oct. 1, 1976.
      Former Schedule A, Sec. 1 amended by SR-NASD-75-01 eff. Dec. 1, 1975.

      Selected Notices: 83-35, 96-81, 97-62, 02-63, 04-84, 08-19, 09-56, 09-68, 10-56, 11-27, 12-06, 12-31, 12-41, 16-39.

    • Section 2 — Gross Revenue for Assessment Purposes

      Gross revenue is defined for assessment purposes as total income as reported on FOCUS form Part II or IIA with the following exclusion: commodities income.
      Amended by SR-NASD-2002-99 eff. Dec. 30, 2002.
      Amended by SR-NASD-2002-182 eff. Dec. 24, 2002.
      Amended by SR-NASD-2002-98 eff. July 24, 2002.
      Amended by SR-NASD-96-15 eff. June 13, 1996.
      Amended by SR-NASD-94-58 eff. Nov 30, 1994.
      Amended by SR-NASD-88-41 eff. Oct. 1, 1988.
      Amended by SR-NASD-83-18 eff. Oct. 1, 1983.
      Amended by SR-NASD-78-01 eff. Oct. 1, 1977.
      Amended by SR-NASD-76-12 eff. Oct. 1, 1976.
      Schedule A, Sec. 5 amended by SR-NASD-75-01 eff. Dec. 1, 1975.

      Selected Notices: 95-54, 96-43.

    • Section 3 — Regulatory Transaction Fee

      Each member shall be assessed a regulatory transaction fee. The amount shall be determined periodically in accordance with Section 31 of the Act. Transactions assessable under this Section 3 that must be reported to FINRA shall be reported in an automated manner.
      Amended by SR-FINRA-2008-001 eff. Jan. 1, 2008.
      Amended by SR-NASD-2006-055 eff. Dec. 1, 2006.
      Amended by SR-NASD-2004-129 eff. Aug. 20, 2004.
      Amended by SR-NASD-2002-182 eff. Dec. 24, 2002.
      Amended by SR-NASD-2002-98 eff. July 24, 2002.
      Adopted by SR-NASD-96-57 eff. Jan. 2, 1997.

      Selected Notices: 04-63, 06-39.

    • Section 4 — Fees

      (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 takes 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.
      Examination Number Examination Name Examination Fee
      N/A Securities Industry Essentials (SIE) Examination $60
      Series 4 Registered Options Principal Examination $105
      Series 6 Investment Company Products and Variable Contracts Representative Examination $40
      Series 7 General Securities Representative Examination $245
      Series 9 General Securities Sales Supervisor Examination — Options Module $80
      Series 10 General Securities Sales Supervisor Examination — General Module $125
      Series 14 Compliance Official Examination $350
      Series 16 Supervisory Analyst Examination $240
      Series 22 Direct Participation Programs Representative Examination $40
      Series 23 General Securities Principal Examination — Sales Supervisor Module $100
      Series 24 General Securities Principal Examination $120
      Series 26 Investment Company Products and Variable Contracts Principal Examination $100
      Series 27 Financial and Operations Principal Examination $120
      Series 28 Introducing Broker-Dealer Financial and Operations Principal Examination $100
      Series 39 Direct Participation Programs Principal Examination $95
      Series 50 Municipal Advisor Representative Examination $115
      Series 51 Municipal Fund Securities Limited Principal Examination $105
      Series 52 Municipal Securities Representative Examination $110
      Series 53 Municipal Securities Principal Examination $115
      Series 57 Securities Trader Examination $60
      Series 79 Investment Banking Representative Examination $245
      Series 82 Private Securities Offering Representative Examination $40
      Series 86 Research Analyst Examination — Analysis $185
      Series 87 Research Analyst Examination — Regulatory $130
      Series 99 Operations Professional Examination $40
      (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-2018-033 eff. Oct. 1, 2018.
      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, 18-27.

      • IM-Section 4(b)(1) and (e) Exemption from Certain Registration and Membership Application Fees for Certain NYSE and NYSE Alternext US LLC Member Organizations

        NYSE and NYSE Alternext US LLC member organizations that become members of FINRA pursuant to IM-1013-1 and IM-1013-2, respectively, shall not be assessed the fee set forth in Section 4(b)(1) to Schedule A of the FINRA By-Laws for the initial Form U4 filed by firms for the registration of any representative or principal associated with the member organization at the time a firm submits its application for FINRA membership. Such firms also shall not be assessed the membership application fee set forth in Section 4(e) to Schedule A of the FINRA By-Laws. However, those firms will otherwise remain subject to FINRA's By-Laws and Schedules to By-Laws, including Schedule A.
        Amended by SR-FINRA-2008-043 eff. Oct. 1, 2008.
        Amended by SR-FINRA-2008-001 eff. Jan. 1, 2008.
        Adopted by SR-NASD-2007-056 eff. Oct. 12, 2007.

    • Section 5 — Elimination of Duplicate Assessments and Fees

      Two or more members under substantially the same ownership or control shall be required to pay (1) only one personnel assessment and one system processing fee annually for those individuals employed by more than one of the members; (2) only one fee annually for each branch office registered at the same location by more than one of the members; and (3) one registration fee, one fingerprint processing fee, and one termination fee applicable to each applicant registered or terminated simultaneously with two or more members under substantially the same ownership or control. To establish their eligibility to receive the reduction in fees described herein, members must provide FINRA with information as requested by FINRA and in the format specified by FINRA prior to FINRA's assessment of such fees.
      Amended by SR-FINRA-2008-001 eff. Jan. 1, 2008.
      Amended by SR-NASD-2003-194 eff. Jan. 6, 2004.
      Amended by SR-NASD-2002-182 eff. Dec. 24, 2002.
      Amended by SR-NASD-2002-98 eff. July 24, 2002.
      Amended by SR-NASD-98-77 eff. Jan 1, 1999.

      Selected Notice: 98-89.

    • Section 6 — Assessments and Fees for New Members, Resigning Members and Successor Organizations

      (a) The assessment of a firm, which is not a member throughout FINRA's full calendar year from January 1 to December 31, shall be based upon the number of quarter years of membership. The proration for a new member shall include the quarter year in which the member is admitted to membership. The proration for a member which resigns shall include the quarter year in which the member's letter of resignation is received in FINRA's Executive Office.
      (b) A member that is a successor organization to a previous member or members shall assume the unpaid balance of the assessments of its predecessor or predecessors and its next assessment shall be determined, if applicable, upon the assessment data of its predecessors. Such successor member shall not be required to re-register branch offices and personnel of predecessor members, but shall be required to pay registration fees therefor. Whether a member is the successor organization to a previous member or members shall be determined by FINRA upon a consideration of the terms and conditions of the particular merger, consolidation, reorganization, or succession. A member that has simply acquired the personnel and offices of another member under circumstances that do not constitute the member a successor organization shall not be required to assume the unpaid assessments of the other member. Such non-successor member shall be required to re-register the branch offices and personnel acquired from the other member and pay applicable registration fees.
      Amended by SR-FINRA-2012-030 eff. Jan. 2, 2013.
      Amended by SR-FINRA-2008-001 eff. Jan. 1, 2008.
      Amended by SR-NASD-2002-182 eff. Dec. 24, 2002.
      Amended by SR-NASD-2002-98 eff. July 24, 2002.
      Schedule A, Sec. 4 added by SR-NASD-75-01 eff. Dec. 1, 1975.

      Selected Notices: 95-94, 96-43, 08-19, 12-32.

    • Section 7 — Fees for Filing Documents Pursuant to the Corporate Financing Rule

      (a) There shall be a fee imposed for the filing of initial documents relating to any offering filed with FINRA pursuant to the Corporate Financing Rule equal to: (1) $500 plus .015% of the proposed maximum aggregate offering price or other applicable value of all securities registered on an SEC registration statement or included on any other type of offering document (where not filed with the SEC), but shall not exceed $225,500; or (2) $225,500 for an offering of securities on an automatically effective Form S-3 or F-3 registration statement filed with the SEC and offered pursuant to Securities Act Rule 415 by a Well-Known Seasoned Issuer as defined in Securities Act Rule 405. The amount of the filing fee may be rounded to the nearest dollar.
      (b) There shall be an additional fee imposed for the filing of any amendment or other change to the documents initially filed with FINRA pursuant to the Corporate Financing Rule equal to .015% of the net increase in the maximum aggregate offering price or other applicable value of all securities registered on an SEC registration statement, or any related Securities Act Rule 462(b) registration statement, or reflected on any Securities Act Rule 430A prospectus, or included on any other type of offering document. However, the aggregate of all filing fees paid in connection with an SEC registration statement or other type of offering document shall not exceed $225,500.
      Amended by SR-FINRA-2012-029 eff. July 2, 2012.
      Amended by SR-FINRA-2008-001 eff. Jan 1, 2008.
      Amended by SR-NASD-2007-006 eff. Feb. 26, 2007.
      Amended by SR-NASD-2004-177 eff. Jan. 1, 2005.
      Amended by SR-NASD-2002-99 eff. Dec. 30, 2002.
      Amended by SR-NASD-2002-182 eff. Dec. 24, 2002.
      Amended by SR-NASD-2002-98 eff. July 24, 2002.
      Amended by SR-NASD-99-01 eff. May 17, 1999.
      Amended by SR-NASD-98-87 eff. Nov. 23, 1998.
      Amended by SR-NASD-94-12 eff. Mar. 7, 1994.
      Amended eff. Sept. 7, 1989 and Apr. 15, 1992.
      Schedule A, Sec. 6 added eff. May 25, 1970.

      Selected Notices: 88-81, 99-50, 04-91, 07-05, 12-32.

    • Section 8 — Service Charge for Processing Extension of Time Requests

      (a) There shall be a service charge imposed on all members who file with the association a request for an extension of time pursuant to the provisions of Section 220.4(c)(3) of Regulation T and/or paragraph (n) of Rule 15c3-3 under the Act.
      (b) The service charge for processing each initial extension of time request and for all subsequent extension of time requests (1) involving the same transaction under Regulation T and/or (2) involving an extension of time previously granted pursuant to SEC Rule 15c3-3(n) shall be $4.00 per request.
      Amended by SR-NASD-2006-063 eff. July 1, 2006.
      Amended by SR-NASD-2002-99 eff. Dec. 30, 2002.
      Amended by SR-NASD-2002-182 eff. Dec. 24, 2002.
      Amended by SR-NASD-2002-98 eff. July 24, 2002.
      Amended Oct. 1, 1979 and Sept. 7, 1989.
      Schedule A, Sec. 7 added eff. Oct. 1, 1974.

    • Section 9 — Subscription Charges for Registration Batch Filing/Data Download Via the Web CRD Electronic File Transfer (EFT) System

      (a) Each firm electing to subscribe to the Web CRD Electronic File Transfer (EFT) System for registration batch filing and/or data download will be assessed an annual subscription fee based on the type of service that the firm uses. The fee schedule to be paid by each firm is as follows:
      (1) Data Download — $1,800.00
      (2) Form Filing — $3,600.00
      (3) Data Download and Form Filing — $4,800.00
      Amended by SR-NASD-2003-18 effective date February 11, 2003 (implementation date March 24, 2003).
      Amended by SR-NASD-2002-99 eff. Dec. 30, 2002.
      Amended by SR-NASD-2002-182 eff. Dec. 24, 2002.
      Amended by SR-NASD-2002-98 eff. July 24, 2002.
      Renumbered as Sec. 9 by SR-NASD-85-23 eff. Oct. 1, 1985.
      Amended by SR-NASD-84-13 eff. Sept. 6, 1984.
      Sec. 10 added by SR-NASD-83-18 eff. Oct. 1, 1983.

    • Section 10 — Request for Data and Publications

      Where there is no provision elsewhere in the By-Laws for specific fees, the corporation may impose and collect compensatory charges for data from its records or for its publications.
      Amended by SR-NASD-2002-99 eff. Dec. 30, 2002.
      Amended by SR-NASD-2002-182 eff. Dec. 24, 2002.
      Amended by SR-NASD-2002-98 eff. July 24, 2002.
      Renumbered as Sec. 10 eff. Oct. 1, 1985.
      Schedule A, Sec. 11 added eff. Mar. 19, 1985.

    • Section 11 — Reserved



      * * *

      Resolution of the Board of Governors

      Failure to File Assessment Report with Membership Application

      District Committees shall not consider applications for membership and in no event shall an application for membership be approved for admission to membership, until an assessment report has been filed by the applicant.

      The President shall notify District Committees when assessment reports have not been filed with the membership applications.

      * * *

      Resolution of the Board of Governors

      Branch Offices

      Each member of the Corporation shall immediately advise the Board of Governors of the opening or closing of any branch office of such member.

      Each member shall be subject to the fee specified in Schedule A to the By-Laws for each branch office in existence during the fiscal year or part thereof.

      * * *

      Resolution of the Board of Governors

      Expulsion and Revocation for Failure to Pay Dues and Assessments

      Article VI, Section 3 of the By-Laws provides that the Board of Governors, after fifteen days notice in writing, may suspend or cancel the membership of any member in arrears in the payment of any dues, assessments or other charges or for failure to furnish any information or reports requested by the Board of Governors pursuant to Article VI, Section 2 of the By-Laws, pertaining to furnishing any information or reports in connection with the determination of the amount of admission fees, dues, assessments or other charges payable by the members during any given fiscal year; and the Board of Governors deems it necessary and advisable that the President exercise the power granted to the Board of Governors by this provision when he deems it necessary and appropriate.

      Therefore, the President of the Association is authorized and empowered to take any and all action permitted by the authority granted to the Board of Governors in Article VI, Section 3 of the By-Laws in respect to the suspension or cancellation of membership.

      * * *

      Cross Reference:

      The procedures for suspension or cancellation of membership are contained in the Rule 9620 Series.

      * * *

      Resolution of the Board of Governors

      Suspension for Failure to Register Personnel and to Pay Fees

      Pursuant to the provisions of Section 3 of Article VI of the Association's By-Laws, the President be and hereby is authorized and directed, after fifteen days notice in writing, to suspend the membership of any member on behalf of the Board of Governors who has not filed appropriate application for registration of Registered Representatives after due notice by registered mail, return receipt requested, and has not paid the prescribed fee; provided that the President shall further notify the Executive Committee of the Board of Governors with respect to such suspension and shall advise the member concerned in writing as to such suspension.

      * * *

      Cross Reference:

      The procedures for suspension or cancellation of membership are contained in the Rule 9620 Series.

      * * *

      Resolution of the Board of Governors

      Fees for Registered Representatives

      Each application for registration as a "Registered Representative" or "Registered Principal" filed with the Corporation shall be accompanied by payment of the fee specified in Schedule A of the By-Laws.

      Where an applicant for registration as a "Registered Representative" or "Registered Principal" is required to pass an examination in accordance with the provisions of Section 2 of Article II of the By-Laws the application shall be accompanied by payment of such additional fee as specified in Schedule A of the By-Laws.

      The registration of a "Registered Representative" or "Registered Principal" of the member shall not become effective unless accompanied by such payment as required above.

      In no event shall such fees be refunded.

      The President is directed to advise any member who has filed an application for registration of a "Registered Representative" or "Registered Principal" and has not accompanied such application with payment of the required fee or fees as described above that such registration may not become effective until such payment is made.

      * * *

      Renumbered by SR-NASD-2002-99 eff. Dec. 30, 2002.
      Amended by SR-NASD-2002-182 eff. Dec. 24, 2002.
      Renumbered by SR-NASD-2002-98 eff. July 24, 2002.
      Schedule A, Sec. 11 deleted eff. Jan. 5, 1993.

    • Section 12 — Application and Annual Fees for Statutorily Disqualified Member Firms, Statutorily Disqualified Applicants for Membership and Member Firms Seeking to Associate with Statutorily Disqualified Individuals

      (a) Any member firm, or applicant for membership under NASD Rule 1013 that is subject to a disqualification as set forth in Article III, Section 4 of the By-Laws of the Corporation (1) seeking to enter, or be continued in, membership; or (2) seeking to employ or continuing to employ as an associated person any individual who is subject to a disqualification from association with a member as set forth in Article III, Section 4 of the By-Laws of the Corporation shall, upon the filing of an application pursuant to Article III, Section 3, paragraph (d) of the By-Laws of the Corporation, pay to FINRA a fee of $5,000.00. Any member firm whose application filed pursuant to Article III, Section 3, paragraph (d) of the By-Laws of the Corporation results in a full hearing for eligibility in FINRA pursuant to the Rule 9520 Series, shall pay to FINRA an additional fee of $2,500.00.
      (b) Any member firm continuing to employ as an associated person any individual subject to disqualification from association with a member as set forth in Article III, Section 4 of the By-Laws of the Corporation shall pay annually to FINRA a fee of $1,500.00 when such person or individual is classified as a Tier 1 statutorily disqualified individual, and a fee of $1,000.00 when such person or individual is classified as a Tier 2 statutorily disqualified individual.
      Amended by SR-FINRA-2018-018 eff. May 30, 2018.
      Amended by SR-FINRA-2015-027 eff. Aug. 24, 2015.
      Amended by SR-FINRA-2008-001 eff. Jan. 1, 2008.
      Amended by SR-NASD-2002-99 eff. Dec. 30, 2002.
      Amended by SR-NASD-2002-182 eff. Dec. 24, 2002.
      Amended by SR-NASD-2002-98 eff. July 24, 2002.
      Amended by SR-NASD-94-57 eff. Oct. 14, 1994.
      Amended by SR-NASD-88-3 eff. Feb. 29, 1988.
      Adopted by SR-NASD-86-1 eff. Jan. 29, 1986.

      Selected Notices: 86-11, 88-15.

    • Section 13 — Review Charge for Communications Filed or Submitted

      There shall be a review charge for each and every communication, whether in printed, video or other form, filed with or submitted to FINRA, except for items that are filed or submitted in response to a written request from FINRA's Advertising Regulation Department ("the Department") issued pursuant to the spot check procedures set forth in FINRA rules, as follows: (1) for printed or website material reviewed, $125.00, plus $10.00 for each printed page or webpage reviewed in excess of 10 pages; and (2) for video or audio media, $125.00, plus $10.00 per minute for each minute of tape reviewed in excess of 10 minutes.
      Where a member requests expedited review of material submitted to the Department there shall be a review charge of $600.00 per item plus $50.00 for each printed page or webpage reviewed in excess of 10 pages. Expedited review shall be completed within three business days, not including the date the item is received by the Department, unless a shorter or longer period is agreed to by the Department. The Department may, in its sole discretion, refuse requests for expedited review.
      Amended by SR-FINRA-2017-030 eff. Oct. 5, 2017.
      Amended by SR-FINRA-2013-001 eff. Feb. 4, 2013.
      Amended by SR-FINRA-2012-028 eff. July 2, 2012.
      Amended by SR-FINRA-2008-001 eff. Jan. 1, 2008.
      Amended by SR-NASD-2004-179 eff. Dec. 8, 2004.
      Amended by SR-NASD-2002-99 eff. Dec. 30, 2002.
      Amended by SR-NASD-2002-182 eff. Dec. 24, 2002.
      Amended by SR-NASD-2002-98 eff. July 24, 2002.
      Amended by SR-NASD-98-82 eff. Jan. 1, 1999.
      Amended by SR-NASD-94-21 eff. May 1, 1994.
      Amended by SR-NASD-89-37 eff. Sept. 7, 1989; Jan. 25, 1991.
      Adopted by SR-NASD-88-2 eff. Feb. 22, 1988.

      Selected Notices: 88-14, 91-13, 94-27, 98-97, 12-32, 17-31.

    • Section 14 — Accounting Support Fee for Governmental Accounting Standards Board

      (a) FINRA shall, in accordance with this Section, allocate, assess, and collect a GASB Accounting Support Fee to fund the annual budget of the Governmental Accounting Standards Board. The GASB Accounting Support Fee is based on the recoverable annual budgeted expenses provided to FINRA by the Governmental Accounting Standards Board, and amounts collected under this Section shall be remitted to the Financial Accounting Foundation.
      (b) Except as provided in paragraph (c), each calendar quarter, each member shall pay an assessment to FINRA of its portion of one quarter of the annual GASB Accounting Support Fee amount that reflects the member's portion of the total par value of municipal securities transactions reported by members to the Municipal Securities Rulemaking Board under MSRB Rule G-14(b) in the previous calendar quarter.
      (c) If, in a given calendar quarter, a member's GASB Accounting Support Fee assessment is less than $25, the member will not be assessed a GASB Accounting Support Fee for that quarter. The amount not assessed to the member will be reallocated among the other members assessed a GASB Accounting Support Fee for that quarter based on each member's portion of the total par value of municipal securities transactions reported by members to the Municipal Securities Rulemaking Board under MSRB Rule G-14(b) in the previous calendar quarter.
      Adopted by SR-FINRA-2011-073 eff. Feb. 23, 2012.

      Selected Notice: 12-15.

    • Section 15 — Funding Portal Member Fees

      (a) FINRA shall, in accordance with this section, collect fees that are designed to recover the costs to FINRA of the supervision and regulation of funding portal members, including the membership process and performing examinations, policy, rulemaking, interpretive and enforcement activities. FINRA shall periodically review funding portal fee revenues in conjunction with these costs to determine the applicable fees and rates. FINRA shall publish notices of the fees and adjustments to the assessment rates applicable under this section.
      (b)(1) Each funding portal applicant for membership shall be assessed an application fee of $2,700 at the time Form FP-NMA is filed.
      (b)(2) Each funding portal applicant for approval of a change in ownership or control shall be assessed an application fee of $500 at the time Form FP-CMA is filed.
      (b)(3) If an application pursuant to paragraph (b)(1) or (b)(2) is rejected as incomplete or is withdrawn by the funding portal applicant in accordance with Funding Portal Rule 110(a)(5) or (a)(7), the application fee shall be refunded less $250, which shall be retained by FINRA as a processing fee.
      (c)(1) Each funding portal member shall pay an annual gross income assessment determined in accordance with Section 1(c) of this Schedule A. Gross revenue is defined for assessment purposes as gross revenue as reported on Form FP-Statement of Revenue.
      (c)(2) The annual fee of a funding portal that is not a member throughout FINRA's full calendar year from January 1 to December 31 shall be based upon the number of quarter years of membership. The proration for a new funding portal member shall include the quarter year in which the funding portal member is admitted to membership. The proration for a funding portal member that withdraws from membership shall include the quarter year in which the funding portal member's withdrawal from membership is effective.
      (c)(3) A funding portal member that is a successor organization to a previous funding portal member or members shall assume the unpaid balance of the assessments of its predecessor or predecessors and its next assessment shall be determined, if applicable, upon the assessment data of its predecessors. Whether a funding portal member is the successor organization to a previous funding portal member or members shall be determined by FINRA upon a consideration of the terms and conditions of the particular merger, consolidation, reorganization, or succession. A funding portal member that has simply acquired the personnel and offices of another funding portal member under circumstances that do not constitute the funding portal member a successor organization shall not be required to assume the unpaid assessments of the other member.
      (d) A nonresident funding portal member shall reimburse FINRA for any expenses incurred in connection with examinations of the member to the extent that such expenses exceed the cost of examining a member located within the continental United States in the geographic location most distant from the District Office of appropriate jurisdiction.
      (e) FINRA shall assess each funding portal member a fee of $100 on the first day and $25 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 matter is not timely filed pursuant to Funding Portal Rule 800(b)(2).
      (f)(1) A funding portal member shall pay a fee of $1,500 at the time that it files an application to initiate eligibility proceedings pursuant to Funding Portal Rule 900(b). Any funding portal member whose application results in a full hearing for eligibility in FINRA pursuant to Funding Portal Rule 900(b) shall pay to FINRA an additional fee of $2,500.
      (f)(2) A funding portal member that continues to associate with any individual subject to disqualification or otherwise ineligible from association with a member shall pay annually to FINRA a fee of $1,500 when such person or individual is classified as a Tier 1 statutorily disqualified individual, and a fee of $1,000 when such person or individual is classified as a Tier 2 statutorily disqualified individual.
      (g) A funding portal member shall pay $15 for processing and posting to the CRD system each set of fingerprints submitted electronically by the member, or $30 if submitted in non-electronic format, to FINRA, plus any other charge that may be imposed by the United States Department of Justice for processing each set of fingerprints.
      (h) Request for Data and Publications. Where there is no provision elsewhere in the By-Laws for specific fees, the corporation may impose and collect compensatory charges for data from its records or for its publications.
      Adopted by SR-FINRA-2015-041 eff. Jan. 29, 2016.