Regulatory Alerts2023-10-18 | Regulatory Notice 23-16Added · Updated
FINRA Adopts TAF Exemption for Proprietary Trading Firms
FINRA amended Schedule A to its By-Laws to add a new exemption for the Trading Activity Fee under Section 1(b)(2)(M). The exemption applies to transactions by a proprietary trading firm effected on a national securities exchange of which the firm is a member. A proprietary trading firm is defined as a member that trades exclusively its own capital, has no customers, and conducts all trading through accounts managed by owners, employees, or contractors.
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