FINRA: New Section 31 Fee Rate Effective April 4, 2026

FINRA Regulatory Notices

Published April 4th, 2026

Detected March 18th, 2026

Summary

FINRA has announced that the Section 31 fee rate for specified securities transactions will increase from $0.00 to $20.60 per million dollars, effective April 4, 2026. This change, mandated by the SEC, impacts transactions on exchanges and over-the-counter markets.

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What changed

Effective April 4, 2026, the fee rate under Section 31 of the Exchange Act will increase significantly from $0.00 to $20.60 per million dollars for specified securities transactions. This adjustment, announced by the SEC, applies to transactions executed on exchanges and in over-the-counter markets. The assessment on security futures transactions remains unchanged at $0.0042 per round turn. FINRA will collect these fees from its member firms based on the trade date.

Regulated entities, including broker-dealers and financial advisers, must update their systems and processes to reflect the new fee rate for all applicable transactions with a trade date of April 4, 2026, or later. Failure to apply the correct fee rate could result in regulatory scrutiny and potential penalties from FINRA or the SEC. While no specific compliance deadline is mentioned beyond the effective date, firms should ensure their systems are updated prior to April 4, 2026, to avoid non-compliance.

What to do next

Update systems to apply the new Section 31 fee rate of $20.60 per million dollars for applicable securities transactions.
Ensure compliance with the new fee rate for all transactions with a trade date of April 4, 2026, or later.

Source document (simplified)

Information Notice 3/17/26

New Rate for Fees Paid Under Section 31 of the Exchange Act

Published Date:

March 17, 2026

Effective Date: April 4, 2026 Notice Comments

Summary

Effective April 4, 2026, the Section 31 fee rate applicable to specified securities transactions on the exchanges and in the over-the-counter markets will increase from its current rate of $0.00 per million dollars in transactions to a new rate of $20.60 per million dollars in transactions.

Finance-related questions should be directed to:

Amanda Rath, Associate Director, Revenue Management, at (240) 386-6637 or by email.
Legal and interpretive questions should be directed to:
Robert McNamee, Vice President and Associate General Counsel, Office of General Counsel (OGC), at (202) 728-8012 or by email; or
Faisal Sheikh, Assistant General Counsel, OGC, at (202) 728-8379 or by email.

Discussion

On February 27, 2026, the Securities and Exchange Commission (SEC) announced in
Fee Rate Advisory for Fiscal Year 2026 that, effective April 4, 2026, the Section 31 fee rate applicable to specified securities transactions on the exchanges and in the over-the-counter markets will increase from its current rate of $0.00 per million dollars in transactions to a new rate of $20.60 per million dollars in transactions. Until that date, the current rate of $0.00 per million dollars will remain in effect. 1 The assessment on security futures transactions will remain unchanged at $0.0042 for each round turn transaction.

Section 31 of the Exchange Act requires the SEC to annually adjust the fee rates applicable under Section 31 and, in some circumstances, to make a mid-year adjustment, after consultation with the Congressional Budget Office and the Office of Management and Budget.

The SEC will issue further Notices as appropriate, and the Notices will be posted on the SEC website.

FINRA obtains its Section 31 fees from member firms, in accordance with Section 3 of Schedule A to the By-Laws. Section 3 specifies that the amount assessed on firms will be determined periodically in accordance with Section 31 of the Exchange Act.

Endnote

1 For purposes of FINRA calculations, the “charge date” is the trade date, not the settlement date. See 17 CFR 240.31(a)(3). Thus, the new rate will apply to applicable covered sales in the over-the-counter market with a trade date of April 4, 2026, or later.