Proposed Rule Change Approved to Amend Rule A-14, on Annual Fees

On August 14, 2003, the Securities and Exchange Commission approved a proposed rule change to amend Rule A-14, on annual fees.[1]  The purpose of the rule change is to help provide sufficient revenues to fund Board operations and to allocate fees among dealers in a manner that, compared to the current fee structure, more accurately reflects each dealer’s involvement in the municipal securities market.  The rule change accomplishes these purposes by amending Rule A-14 to increase the annual fee assessed to dealers from $200 to $300 per dealer. 

August 18, 2003

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            In addition to any other fees prescribed by the rules of the Board, each broker, dealer and municipal securities dealer shall pay an annual fee to the Board of [$200] $300, with respect to each fiscal year of the Board in which the broker, dealer or municipal securities dealer conducts municipal securities activities. Such fee must be received at the office of the Board no later than October 31 of the fiscal year for which the fee is paid, accompanied by the invoice sent to the broker, dealer or municipal securities dealer by the Board, or a written statement setting forth the name, address and Commission registration number of the broker, dealer or municipal securities dealer on whose behalf the fee is paid.