Federal Register #SR-FINRA-2026-021

SEC Notice: FINRA Temporary Pause of Trading Activity Fee Assessment

This notice from the Securities and Exchange Commission (SEC) announces a proposed rule change by the Financial Industry Regulatory Authority, Inc. (FINRA) to temporarily pause the Trading Activity Fee (TAF) assessment. - Government Buyer: - U.S. Securities and Exchange Commission (SEC) - Division of Trading and Markets - OEMs and Vendors: - Financial Industry Regulatory Authority, Inc. (FINRA) - Products/Services Requested: - Temporary pause of Trading Activity Fee (TAF) assessment for member firms - No physical products or procurement services requested - Key Details: - TAF assessment is paused for three months, affecting approximately 186 FINRA member firms - TAF rates set to $0.00 for transactions from October 1 through December 31 - Estimated $160 million in fees waived during the pause - Member firms must continue reporting monthly aggregate trading volumes - Normal TAF invoicing resumes in January - SEC is soliciting public comments on the rule change - Unique Requirements: - The pause is intended to address surplus TAF revenues from higher-than-anticipated trading volumes - No procurement action or product/service acquisition involved; this is a regulatory fee adjustment

Description

The Financial Industry Regulatory Authority, Inc. (FINRA) has proposed a rule change to temporarily pause the assessment of the Trading Activity Fee (TAF) for three months, from October 1, 2026 through December 31, 2026. This pause is intended to address surplus TAF revenues driven by higher-than-anticipated trading volumes in 2026. The fee rates for the TAF during this period will be set to $0.00, with normal invoicing resuming in January 2027. The proposal is effective immediately upon filing and aims to maintain equitable fee allocation among members.

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