FINRA To Double Individual Assessments Next Year

FINRA To Double Individual Assessments Next Year - 8/21/2009

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HEADLINE NEWS:

FINRA To Double Individual Assessments Next Year, Some Firms May Also Be Charged More As The Regulator Looks To Make Up Revenue Lost To Market Downturn
Sara Hansard

InvestmentNews . August 21, 2009
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EXCERPT: Finra will increase the assessment its charges on individual registered representatives to between $130 and $150 a year, from $65 to $75. The fee hike, which was approved by the Financial Industry Regulatory Authority Inc.'s Board of Governors in July, is intended to raise the revenue the self-regulatory organization derives from fees charged to individual reps. Finra, of New York and Washington, also charges annual assessments to its member firms. Assessments charged to some member firms also could be increased, depending on whether their current assessment is higher than their average assessment over the past three years. The moves are part of an effort to make up income lost due to Wall Street's financial woes. In its first public statement about the change in free structure, Finra said in a proposal released yesterday that the market downturn “strained Finra's resources” and that “gross income assessment revenues are down 37% due to 2008 fourth quarter write-offs taken by members, particularly the largest securities firms.”

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