FINRA proposes three-month pause of Trading Activity Fee
The rule change, effective upon filing on Sept. 15, 2026, suspends the TAF for member firms from Oct. 1 through Dec. 31, 2026.
On September 15, 2026, FINRA filed a proposed rule change (File No. SR-FINRA-2026-021; Release No. 34-106409) with the SEC under Section 19(b)(1) of the Securities Exchange Act and Rule 19b-4, designating the change as establishing or changing a fee. The filing makes the proposal effective upon receipt by the Commission.
The proposal would set the Trading Activity Fee rate at $0.00 for all covered transactions from October 1, 2026 through December 31, 2026. Monthly invoices for that period would reflect a $0.00 TAF assessment, while members would continue to report aggregate trading volumes in accordance with Schedule A, Section 1(b)(4) of the FINRA By-Laws.
FINRA cites a 2026 TAF budget of $438.6 million and notes that higher-than-expected trading volumes in the first two quarters of 2026 are projected to push TAF revenues above that budget. The temporary fee holiday is intended to address the surplus and keep revenues aligned with FINRA's Financial Guiding Principles.
The pause is limited to three months; TAF rates will resume on January 1, 2027, with normal invoicing beginning in February 2027. The rule change was filed for immediate effectiveness, and the SEC is publishing this notice to solicit comments from interested parties.
The proposal does not alter the scope of the TAF; it merely suspends assessment while preserving reporting obligations for member firms.
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