BYLAW 1301(e). SCHEDULE OF DUES AND ASSESSMENTS.
[Effective dates of amendments: January 10, 1983; July 27, 1983; November 29, 1983; February 27, 1984; April 1, 1984; June 4, 1985; January 28, 1986; July 1, 1988; May 22, 1989; July 1, 1989; January 1, 1990; July 1, 1991; July 1, 1993; January 1, 1994; July 1, 1994; January 1, 1995; January 1, 1998; July 1, 1999; July 1, 2001; October 15, 2001; January 1, 2002; April 1, 2002; July 1, 2002; September 9, 2002; January 1, 2003; September 15, 2003; December 1, 2003; July 1, 2004; January 1, 2005; April 30, 2006; December 4, 2006; October 1, 2007; January 1, 2008; and September 11, 2009.]
Subject to the provisions of Article XII, dues and assessments of Members shall be as follows:
(e) Forex Dealer Members.
(i) Each Forex Dealer Member shall pay to NFA annual dues in the amount provided under section (b)(ii) of this bylaw plus a surcharge of $44,375 if its gross annual revenue from the activities described in Bylaw 306(a) is $500,000 or less, a surcharge of $69,375 if its gross annual revenue from those activities is more than $500,000 but not more than $2,000,000, a surcharge of $94,375 if its gross annual revenue from those activities is more than $2,000,000 but not more than $5,000,000, and a surcharge of $119,375 if its gross annual revenue from those activities is more than $5,000,000; provided, however, that a Forex Dealer Member for which NFA does not serve as the DSRO, as defined in NFA Financial Requirements Section 1, shall pay only a surcharge of $12,000 if the Forex Dealer Member’s DSRO, or the entity to which the DSRO has delegated such responsibilities, agrees in writing to examine the Forex Dealer Member’s forex activities to ensure compliance with all applicable NFA requirements as part of the annual examination of the Forex Dealer Member. These dues replace the dues that would otherwise be payable based on the Forex Dealer Member's registration category.
(ii) Each Forex Dealer Member that is subject to discipline for the activities of solicitors and account managers shall pay a separate annual fee as follows payable on the firm's annual renewal date — for 1 to 4 solicitors and account managers, the fee is $5,000; for 5 to 19 solicitors and account managers the fee is $10,000; for 20 to 99 solicitors and account managers the fee is $25,000; and for 100 or more solicitors and account managers the fee is $50,000. In determining whether this fee applies, a Forex Dealer Member must calculate the highest number of solicitors and account managers it was responsible for at any one point of time during the year. This number does not include solicitors and account managers that are Members of NFA, meet the criteria in Bylaw 306(b), or would be exempt from Commission registration if they were acting in the same capacity in connection with exchange-traded futures contracts.
(iii) Each Forex Dealer Member shall pay an assessment of .0001% on the notional value of each initiating (non-rollover) forex transaction (as forex is defined in Bylaw 1507(b)). For transactions with a notional value less than $10,000, the Forex Dealer Member may aggregate separate transactions and pay $.01 on each multiple of $10,000.
Subject to the two-thirds majority voting requirements contained in Article XI, Section 1, the Board may in its discretion waive or establish lower annual dues for particular Members.
(See Interpretive Notice NFA Bylaw 1301: NFA Assessment Fee Questions and Answers for FCMs and Interpretive Notice NFA Bylaw 1301: Forms and Procedures for Assessment Fee Computation.)