FINRA proposes to amend Section 1 of Schedule A to the FINRA By-Laws to adjust the rate of FINRA’s Trading Activity Fee (“TAF”) for transactions in covered equity securities.  The rule is scheduled to be effective on 7/1/11.  FINRA will announce the implementation date in a Regulatory Notice.  FINRA assesses the TAF and 2 other fees to fund its regulatory activities:  - (i) Personnel Assessment (PA);  and (ii) Gross Income Assessment (GIA).  

FINRA initially adopted the TAF in 2002 as a replacement for an earlier regulatory fee based on trades reported to Nasdaq’s Automated Confirmation Transaction ("ACT") system, then in place.  Currently, TAF is generally assessed on the sale of all exchange-registered securities wherever executed (except debt securities that aren't TRACE-Eligible Securities), OTC equity securities, security futures, TRACE-Eligible Securities (provided that the transaction is a Reportable TRACE Transaction), and all municipal securities subject to MSRB reporting requirements.

For further details, go to:   [FINRA Rule Filing 11-20, 4/26]