New Rate for Fees Paid Under Section 31 of the Exchange Act

Effective February 14, 2015, the Section 31 fee rate applicable to specified
securities transactions on the exchanges and in the over-the-counter markets
will decrease from its current rate of $22.10 per million dollars in transactions
to a new rate of $18.40 per million dollars in transactions.
Finance-related questions should be directed to Robert Huml, Accounting
Manager, Finance, at (240) 386-5388. Legal and interpretive questions should
be directed to Brant Brown, Associate General Counsel, Office of General
Counsel, at (202) 728-6927.

On January 15, 2015, the Securities and Exchange Commission (SEC)
announced in Fee Rate Advisory #3 for Fiscal Year (FY) 2015 that effective
February 14, 2015, the Section 31 fee rate applicable to specified securities
transactions on the exchanges and in the over-the-counter markets will
decrease from its current rate of $22.10 per million dollars in transactions to
a new rate of $18.40 per million dollars in transactions. Until that date, the
current rate of $22.10 per million dollars will remain in effect.
Section 31 of the Exchange Act requires the SEC to annually adjust the fee
rates applicable under Section 31, and in some circumstances, to also make
a mid-year adjustment, after consultation with the Congressional Budget
Office and the Office of Management and Budget. See the SEC’s order for
more information about the fee rates for FY 2015.
The SEC will issue further notices as appropriate, and the notices will be
posted on the SEC’s website at www.sec.gov.
FINRA obtains its Section 31 fees from member firms, in accordance with
Section 3 of Schedule A to the By-Laws. Section 3 specifies that the amount
assessed on firms will be determined periodically in accordance with Section 31 of the Exchange Act.