Initial Fee
Each broker, dealer and municipal securities dealer is required to pay an initial fee of $100 upon registration per MSRB Rule A-12.
Annual Fee
Each broker, dealer and municipal securities dealer is required to pay an annual fee of $500 each fiscal year per MSRB Rule A-14. The MSRB fiscal year runs from October 1 to September 30 and the fee is due by October 31 each year. The fee is not prorated for partial year registration.
Underwriting Assessment Fees
Each broker, dealer and municipal securities dealer shall pay the MSRB an underwriting fee as set forth for all municipal securities purchased from an issuer as part of a primary offering per MSRB Rule A-13. The MSRB applies an underwriting assessment fee of $.03 per $1,000 of the par value paid by the underwriters on most primary offerings. As described under MSRB Rule A-13, commercial paper and municipal fund securities will be exempt from this assessment. The MSRB bills underwriting assessment fees for each monthly period approximately three days after the end of the month. Payment is due within 30 days of receipt of the billing invoice.
Transaction Fees
Transaction Fee on Inter-Dealer Sales
Each broker, dealer, and municipal securities dealer shall pay the MSRB a transaction fee of $.01 per $1,000 of the total par value of inter-dealer municipal securities sales that it reports per MSRB Rule G-14(b). As described under MSRB Rule A-13, transactions in municipal securities that have a final stated maturity of nine months or less, or, at the time of trade, are subject to redemption are exempt from this fee.
For those inter-dealer transactions reported by a broker, dealer or municipal securities dealer on behalf of another broker, dealer, or municipal securities dealer, the inter-dealer transaction fee shall be paid by the dealer that reported the transaction. The broker, dealer, or municipal securities dealer may collect the inter-dealer transaction fee from the dealer on whose behalf the transaction was reported.
Transaction Fee on Customer Sales
Each broker, dealer, and municipal securities dealer shall pay the MSRB a transaction fee of $.01 per $1,000 of the total par value of sales to customers that it reports per MSRB Rule G-14(b). As described under MSRB Rule A-13, transactions in municipal securities that have a final stated maturity of nine months or less, or, at the time of trade, are subject to redemption are exempt from this fee.
The customer transaction fee shall be paid by the broker, dealer or municipal securities dealer that affected the sale to the customer.
The MSRB bills transaction fees on inter-dealer sales and customer sales for each monthly period approximately 30 days after month-end. Payment is due within 30 days of the receipt of the billing invoice.
Technology Fees
Technology Fee on Inter-Dealer Sales
Each broker, dealer and municipal securities dealer shall pay the MSRB a fee equal to $1.00 per transaction per MSRB Rule A-13 for each inter-dealer municipal securities sale that it reports per MSRB Rule G-14(b). For those inter-dealer transactions reported by a broker, dealer or municipal securities dealer on behalf of another broker, dealer, or municipal securities dealer, the inter-dealer transaction fee shall be paid by the dealer that reported the transaction. The broker, dealer, or municipal securities dealer may collect the inter-dealer transaction fee from the dealer on whose behalf the transaction was reported.
Technology Fee on Customer Sales
Each broker, dealer and municipal securities dealer shall pay the MSRB a fee equal to $1.00 per transaction per MSRB Rule A-13 for sales to customers that it reports per MSRB Rule G-14(b). The technology fee shall be paid by the broker, dealer or municipal securities dealer that affected the sale to the customer.
The MSRB bills technology fees on inter-dealer sales and customer sales for each monthly period approximately 30 days after month-end. Payment is due within 30 days of the receipt of the billing invoice.
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