Summary Table
| Fee Type | Basis | Rate |
| Initial Registration Fee | Per registered entity | $1,000 |
| Annual Registration Fee | Per registered entity | $1,000 |
| Underwriting Fee | Per $1,000 Par Underwritten | $0.0297 |
| Transaction Fee | Per $1,000 Par Transacted | $0.0107 |
| Trade Count Fee | Per Trade | $1.10 |
Registration Fees
Initial Registration Fee and First Annual Registration Fee
Before engaging in municipal securities activities, each broker, dealer and municipal securities dealer is required to register with the MSRB. Registration with the MSRB does not become effective until the broker, dealer or municipal securities dealer's initial registration fee of $1,000 and first annual fee of $1,000 have been received and processed per MSRB Rule A-12.
Note that an entity that is registered both as a municipal advisor and as a broker, dealer or municipal securities dealer is only required to pay a single initial fee and a single first annual fee. The fee is not pro-rated for partial year registration. For more information on how to register, refer to the MSRB Registration Manual.
Annual Registration Fee
Each broker, dealer and municipal securities dealer is required to pay an annual fee of $1,000 each fiscal year per MSRB Rule A-12. Note that an entity that is registered both as a municipal advisor and as a broker, dealer or municipal securities dealer is only required to pay a single annual fee. The MSRB fiscal year runs from October 1 to September 30 and the fee is billed annually the first week of October and due by October 31 of each year. The annual fee will be waived one time for any broker, dealer or municipal securities dealer that registered and paid its first annual registration fee during the month of September.
Market Activity Fees
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, with limited exemptions, per MSRB Rule A-13. The MSRB applies an underwriting assessment fee of $0.0297 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 four business days after the end of the month. Payment is due within 30 days of the invoice date.
Underwriters to 529 plans must pay an annual underwriting fee of $.005 per $1,000 of the total aggregate plan assets as of December 31 of each year as reported on MSRB Form G-45. The fee is billed annually the first week of May and due by May 31 each year.
Transaction Fee on Inter-Dealer Sales
Each broker, dealer, and municipal securities dealer shall pay the MSRB a transaction fee of $0.0107 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 are issued pursuant to a commercial paper program, or, at the time of trade, may be tendered at the option of the holder to an issuer for redemption or purchase at par value or more at least as frequently as every nine months, 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 $0.0107 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 are issued pursuant to a commercial paper program, or, at the time of trade, may be tendered at the option of the holder to an issuer for redemption or purchase at par value or more at least as frequently as every nine months, are exempt from this fee.
The customer transaction fee shall be paid by the broker, dealer or municipal securities dealer that effected 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 invoice date.
Trade Count Fee on Inter-Dealer Sales
Each broker, dealer and municipal securities dealer shall pay the MSRB a fee equal to $1.10 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 trade count fee shall be paid by the dealer that reported the transaction. The broker, dealer, or municipal securities dealer may collect the inter-dealer trade count fee from the dealer on whose behalf the transaction was reported.
Trade Count Fee on Customer Sales
Each broker, dealer and municipal securities dealer shall pay the MSRB a fee equal to $1.10 per transaction per MSRB Rule A-13 for sales to customers that it reports per MSRB Rule G-14(b). The trade count fee shall be paid by the broker, dealer or municipal securities dealer that effected the sale to the customer.
The MSRB bills trade count 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 invoice date.
Late Fees
Brokers, dealers and municipal securities dealers who fail to pay assessed fees under MSRB Rule A-12 and MSRB Rule A-13 within 30 days of the invoice date shall pay a monthly late fee of $25 and a late fee on the overdue balance (computed according to the prime rate) until paid.
