MFDA annual membership fees will be equal to the MFDA fee rates multiplied by the Member's average assets under administration ("AUA"). MFDA fee rates are established annually by the MFDA Board of Directors.
Membership fees will be pro-rated in the first year of membership based on the date of acceptance into membership. Upon acceptance into membership, the MFDA will calculate and invoice the pro-rated fee by multiplying the fee rate(s) by the AUA reported as of March 31st for the current year.
For subsequent years of membership, membership fees will be based on the average of the Member’s AUA balance at March 31st of the prior year and March 31st of the current year. Annual membership fees, for the period July 1st to June 30th, will be equal to the MFDA fee rate multiplied by the Member's average AUA.
The approved fee rates for the year July 1, 2011 to June 30, 2012 are:
| |
Fee Rate |
| On the first $500 million of AUA |
$122 per million |
| On the next $500 million of AUA |
$114 per million |
| On the next $4 billion of AUA |
$105 per million |
| On the next $5 billion of AUA |
$ 97 per million |
| In excess of $10 billion of AUA |
$ 91 per million |
MFDA Investor Protection Corporation
The fee rate for the MFDA Investor Protection Corporation is $10 per million dollars of AUA
