US broker-dealer trade body, the Financial Industry Regulatory Authority (FINRA) is to return US$100 million of fees collected in 2025 to its members as a rebate from the US$1,4 billion it collected that year. This follows a similar US$50 million rebated from 2024 fees.
“Based on strong 2025 results, driven by higher-than-expected net income resulting primarily from higher-than-expected trading activity and industry revenue, and after consideration of FINRA’s updated projections regarding revenues, expenses, and overall market conditions for the next several years, FINRA’s Board has approved a $100 million rebate for active member firms in good standing as of December 31, 2025 and that paid FINRA fees in 2025,” the body announced on 18 March 2026.
FINRA is a not-for-profit organisation, and will return monies based on 2025 regulatory fees including the the full annual minimum fee of $1,200 with the remainder allocated proportionally based on each firm’s other 2025 regulatory fees. The money will be made available on 31 March 2026 via a credit amount in firms’ funding accounts.
The majority of FINRA’s funding is derived from three regulatory fees: the Gross Income Assessment (GIA), reflecting the size of the firm measured by firm revenue; Trading Activity Fee (TAF) reflecting the firm’s trading activity, and Personnel Assessment (PA), tracking the number and role of persons registered with the firm.
In November 2024, FINRA filed a motion with the Securities and Exchange Commission (SEC) to increase its fees from 2026 onwards to cover FINRA’s projected budget deficit and
achieve a balanced budget by 2029.
The increase projected additional revenue of between $40 million and $160 million each year compared to the previous year from 2025 through 2029. The amount of the increase varies each year due to the phased implementation schedule, but cumulatively the body would receive an estimated US$450 million a year by 2029.
Annually, GIA increases would generate an additional $80 million, TAF rates would generate an additional $186 million and the proposed PA rate increases would add $52 million in annual revenue by 2029.
Cumulatively, FINRA’s annual fee revenues would increase by an estimated $450 million once fully implemented in 2029.
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