FINRA Delays Fee Rollout: More Prep Time for Firms
Published Date: 9/23/2026
Notice
Summary
FINRA is changing the timeline for when new fees and rules, approved earlier, will start. This affects financial firms that pay FINRA fees, giving them more time to prepare for the updated charges that help fund FINRA’s work. The changes kick in later than planned but still aim to keep FINRA’s oversight strong and steady.
Analyzed Economic Effects
5 provisions identified: 5 benefits, 0 costs, 0 mixed.
Two-year delay of FINRA fee increases
If you are a FINRA member firm, implementation of fee increases that were scheduled to begin between January 1, 2027 and January 1, 2029 will be postponed by two years. During the postponement you will be charged at 2026 rates; the postponed schedule makes the previously adopted 2027 changes effective January 1, 2029, the previously adopted 2028 changes effective January 1, 2030, and the previously adopted 2029 changes effective January 1, 2031.
Quantified member savings over 2027–2030
FINRA estimates the postponement results in approximately $718 million in total savings to members over the four-year transitional period (2027 through 2030). The median four-year savings per member is $5,199 (a median savings rate of 7.2%), and the average four-year savings rate is 6.7%; FINRA states this equals roughly 9% of baseline industry revenue over that period.
Issuers’ Corporate Financing fees postponed
Issuers face delayed implementation of new Corporate Financing fees: the Private Placement Review Fee (for private placements > $25 million) will be implemented starting January 1, 2029 as a $300 flat fee plus 0.008% of the offering (capped at a $500 million offering cap, producing a $40,300 cap), and the Public Offering Review Fee caps (previously $225,000) are scheduled to rise in later years (e.g., to $1,125,000 for non-WKSI starting 2029 and WKSI caps rising through $560,000 by 2031). FINRA states it believes these fees are paid for by, or passed through to, issuers.
Operational and registration fee hikes postponed
Various operational fees and registration-related charges will stay at 2026 levels through 2028 and be implemented later: examples include Personnel Assessment tier increases (e.g., reps 0–5 remain $245 until 2029 then $260), Branch Office System Processing Fee staying $75 until 2029 (rising to $105 in 2030), Initial U4 filing fee remaining $125 until 2030 (rising to $175), and Renewal Late Fee minimums staying $100 until 2029 (rising to $140 in 2030).
Trading Activity Fee and GIA rate increases delayed
Rates for the Trading Activity Fee (TAF) and Gross Income Assessment (GIA) will remain at 2026 levels through December 31, 2028; for example, the covered equity TAF remains $0.000195 per share (with a $9.79 per-trade max) in 2027–2028 and would rise to $0.000232 per share (up to $11.61 max per trade) beginning January 1, 2029 under the new schedule. FINRA notes many members identify that they pass through the TAF to customers.
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