The Operations, Trading and Self-Regulation and Supervisory Practices Committees of the Securities Industry Association (SIA)* provides comments to the National Association of Securities Dealers, Inc. (NASD) on proposed changes to the NASD’s regulatory fee, Special NASD Notice to Members 02-09.  SIA believes that any fee proposal put forward by a self-regulatory organization (SRO) for comment by its members should include a clear presentation of:

• the financial impact of the proposal compared with thte status quo, including a discussion of the assumptions used to determineing that impact; and
• the administrative procedures under which the new fees are to be calculated and collected.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.