SR-FINRA-2023-009

In view of the U.S. Securities and Exchange Commission’s intention to limit the proprietary trading exemption for U.S. brokers and dealers as regards the registration requirement with FINRA (please see EventID 16739 for more information), FINRA launched a consultation with member firms back in December 2022 in which it sought comments on its proposal to „exclude from FINRA’s Trading Activity Fee [TAF] transactions by a proprietary trading firm on exchanges of which the firm is a member“ (please see EventID 18916 for more information). To recall, FINRA’s action was aimed at reducing burdens on firms that are likely to come into the scope of the registration requirement and would then be subject to the additional TAF.
Due to the positive feedback that FINRA received to this consultation, FINRA has now published a corresponding proposed rule change and submitted this proposal to the SEC for approval. FINRA would thereby modify FINRA BY-LAWS Schedule A, Section 1(b) accordingly.