[ by Howard Haykin ]

FINRA filed for immediate effectiveness to delete Rule 7640A, Late Fees.  Under Rule 7640A, charges imposed by the FINRA/Nasdaq Trade Reporting Facility that are past due 45 days or more are subject to a late fee. This rule is identical to former NASD Rule 7080, which was applicable to charges imposed by the Nasdaq Market Center prior to Nasdaq exchange registration and separation from FINRA (then NASD) in 2006.

Prior to 2006, the business decision was made not to assess late fees under NASD Rule 7080; however, the rule inadvertently was never deleted from the rulebook and subsequently was included in the FINRA/Nasdaq TRF rules. Because members historically have not been assessed late fees under this rule and the Business Member has determined not to do so in the future, FINRA is proposing to delete Rule
7640A.   [ FINRA Rule Filing 12-43, 9/17/12 ]