SEC Approves NASD-Proposed Fee on Trades

Hume, Lynn
October 2004
Bond Buyer;10/13/2004, Vol. 350 Issue 31988, p5
Trade Publication
The article highlights that the U.S. Securities and Exchange Commission (SEC) has approved a controversial fee on trades of municipal securities and other debt that was proposed by the National Association of Securities Dealers (NASD) late last year. Vice president of TBMA Marjorie Gross says that the SEC has approved the application of NASD to impose a trading activity fee (TAF) on bonds. While the association agrees that the bond industry must pay the cost of appropriate regulation of bond brokers and dealers, it objects to the approval of the TAF on the grounds that the application did not contain enough supporting information to justify the imposition of the new fee on top of other fees already imposed on its' members.


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