*Letters

Increasing the Personnel Assessment & Gross Income Assessment Paid by Member Firms

Published on:
October 2, 2009

SIFMA provides comments to the Securities and Exchange Commission (SEC) regarding a Financial Industry Regulatory Authority (FINRA) proposal to double the personal assessment for registered person and alter the formula for calculating the gross income assessment applied to broker dealer-gross revenues, Release No. 34-60624; File No. SR-FINRA-2009-057. SIFMA has several concerns about the proposed increase especially the considerable financial impact the assessment would have on member firms during the time of industry downturn. SIFMA provides a more complete explanation for the proposed increases and/or consider other alternatives, and includes data from a SIFMA research report.

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