FINRA Announces Section 31 Fee Rate Increase Effective April 2026
FINRA notified members that the Section 31 fee on securities transactions will increase to $20.60 per million effective April 4, 2026.
The substantial increase in Section 31 fees from the prior rate affects trade economics across exchanges and OTC markets. Broker-dealers must adjust fee pass-through systems, client agreements, and reconciliation processes ahead of the April 4, 2026 effective date.
Direct operational and cost impact on broker-dealers and trading desks; mispricing risk if systems not updated timely.
Action Required
Update transaction cost models, client disclosures, and billing systems to reflect the new Section 31 fee rate.
Material change in transaction fee economics requiring system and process updates.
Confirm Section 31 fee changes reflected in OMS, billing, and client reporting by April 4, 2026; validate accuracy via reconciliation testing.
“Effective April 4, 2026, the Section 31 fee rate applicable to specified securities transactions on the exchanges and OTC markets will increase to $20.60 per million dollars in transactions.”
Published: 2026-06-08