MSRB gets SEC go-ahead for transaction fee increase, technology fee

By Susanna Moon

Chicago, Dec. 30 - Municipal Securities Rulemaking Board said the Securities and Exchange Commission approved raising transaction assessments on some municipal securities transactions reported to the board and instituting a new technology fee on reported sales, effective Jan. 1.

The rule change amends Rule A-13 to increase transaction assessments for inter-dealer and customer sales to 0.001% from 0.0005% of the total par value of inter-dealer sales and sales to customers that are reported by dealers to the board.

The amendment also imposes a technology fee of $1.00 per transaction for inter-dealer and customer sales reported to the board.

MSRB said the technology fee will be transitional and reviewed by the board annually during its annual budgeting to determine whether it should continue to be assessed.

Transaction fees are billed monthly, one month in arrears, by the MSRB and, therefore, the fee changes for the increased transaction fee and the inclusion of the new technology fee will first be reflected in dealer invoices issued for January activity, which will be mailed in early March.

Questions about the amendments may be directed to Lawrence P. Sandor, senior associate general counsel at 703 797-6600.

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