Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Reflect Adjustments to Certain FINRA Fees
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Cboe Exchange is updating its Fee Schedule to match FINRA's approved fee increases that take effect in 2026. The Annual System Processing Fee, currently a flat $70 per registered person for Non-FINRA member Trading Permit Holders, will become a tiered fee based on the number of securities regulators a person is registered with: $70 (1-5 regulators), $95 (6-20), $110 (21-40), and $125 (41+). The Continuing Education Fee will increase from $18 to $25 per registration. These fees are collected and retained by FINRA through the Web CRD system; Cboe only lists them on its schedule and does not receive the revenue. The changes mirror FINRA's phased fee adjustments approved in 2024 for sustainable regulatory funding through 2029.
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Key Changes
- Annual System Processing Fee changes from flat $70 to tiered structure: $70 (1-5 regulators), $95 (6-20), $110 (21-40), $125 (41 or more) effective 2026
- Continuing Education Fee increases from $18 to $25 per registration starting in 2026
- Fees apply only to Non-FINRA member Trading Permit Holders (TPHs)
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