On Mar. 4, FINRA issued notice on the 2025 accounting support fee.
FINRA issued Regulatory Notice 25-03 on the 2025 Governmental accounting standards board (GASB) support fee, which is collected quarterly to fund the GASB.
2025 GASB Fee
The fee is collected from member firms that report trades to the MSRB, FINRA to assess and collect a total of $17.3mn to adequately fund the GASB’s annual budget.
By collecting $4.3mn from member firms each calendar quarter starting in Apr. 2025.
Each member firm’s assessment based on its portion of total par value of municipal securities transactions reported by all FINRA member firms to MSRB during quarter.
FINRA estimates fee will be between $0.0045 and $0.0055 per $1,000 par value.
If firms choose to pass along fee, must ensure any such fees are properly disclosed.
Including that fee is estimate, firm may pay more, less than fee charged to customer.
Any disclosure used by a firm cannot be misleading and must conform to FINRA rules.
Including just and equitable principles of trade, as well as any applicable MSRB rules.
Effectiveness
Member firms are required to pay each calendar quarter beginning in Apr. 2025.
