We are sharing an important regulatory update regarding the SEC Section 31 Activity Assessment Fee, which will impact certain securities transactions beginning in April.
What’s Changing?
Effective April 4, 2026, the Securities and Exchange Commission (SEC) will increase the Section 31 fee rate to:
- $20.60 per $1,000,000 of principal
For context, this fee has been $0.00 per million dollars since May 14, 2025, making this a notable change as the fee is reinstated.
What Is the Activity Assessment Fee?
The Activity Assessment Fee is:
- Applied to sell transactions of most equities and options
- Deducted from customer proceeds
- Displayed on confirmations as an “Activity Assessment Fee”
This fee originates from the SEC but is collected via exchanges and passed through to member firms, which then pass it along to customers.
Timing & Applicability
The updated rate will apply based on settlement date:
- On or before April 2, 2026: $0.00
- On or after April 6, 2026: $20.60 per million
Note: April 3, 2026, is a non-trading day (Good Friday).
How the Fee Is Calculated
The fee is calculated using the following formula:
Principal × 0.0000206 = Activity Assessment Fee
What This Means for You
- This is a regulatory fee, not an ESI-imposed charge
- Representatives should be aware of the change
- Systems and confirms will automatically reflect the updated fee
Additional Notes
- Trade corrections for transactions settling on or before April 2, 2026, will continue to use the $0.00 rate
- No action is required from representatives at this time
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