January 24, 2022

Volume XII, Number 24

Advertisement
Advertisement

January 21, 2022

Subscribe to Latest Legal News and Analysis
Advertisement

FINRA Publishes Regulatory Notice Regarding 2018 GASB Accounting Support Fee

On April 17, the Financial Industry Regulatory Authority issued Regulatory Notice 18-12, which announces that FINRA will collect a total of $8,346,300 to fund the annual budget of the Governmental Accounting Standards Board (GASB) by collecting $2,086,575 from member firms each calendar quarter beginning in April 2018.

The GASB Accounting Support Fee is collected quarterly from member firms that report trades to the Municipal Securities Rulemaking Board (MSRB). Each member firm’s fee assessment is based on that firm’s part of the total par value of municipal securities transactions reported by all FINRA member firms to the MSRB in the previous quarter. As some firms choose to pass the GASB Accounting Support Fee onto customers engaged in municipal securities transactions, FINRA will continue to provide firms with an estimated fee rate per $1,000 par value. FINRA has estimated that the 2018 GASB Annual Support Fee will be between $0.0024 and $0.0030 per $1,000 par value. Member firms choosing to pass along this fee must ensure that such fees are properly disclosed.

The regulatory notice is available here.

©2022 Katten Muchin Rosenman LLPNational Law Review, Volume VIII, Number 110
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

About this Author

Our Financial Services Practice advises a broad spectrum of domestic and international fund managers, trading advisors, banks, brokerages and proprietary trading firms in all aspects of exchange-traded and over-the-counter commodities, securities and derivatives transactions. We help clients find business-based solutions and make business-driven decisions that are in compliance with applicable regulatory requirements. Our lawyers have extensive experience in the financial markets and are fully attuned to the need to provide advice quickly and efficiently in light of the time-sensitive and...

+44 0 20 7776 7625
Advertisement
Advertisement
Advertisement