MSRB to Raise Annual and Initial Fees

The MSRB Board of Directors completed an extensive review of the MSRB’s fees to ensure that the MSRB continues to be sufficiently funded to meet its operational and capital expenses in fulfilling its regulatory responsibilities while achieving a fair allocation among regulated entities for the expenses of the regulatory activities, systems development and operational activities undertaken by the MSRB. The changes, a decrease in the underwriting fee under Rule A-13 coupled with the increase to the initial and annual fees under Rule A-12, will effectively maintain the total fee revenue at approximately the current level.

Effective and Implementation Dates

The rule change is effective immediately. The implementation date for the amendments to Rule A-12, on the initial and annual registration fees, is October 1, 2015. The implementation date for the amendments to Rule A-13, on the underwriting fee and transaction fee, is January 1, 2016.