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Friday, September 18, 2015

Nasdaq Fund Network #2015 - 4
Nasdaq to Streamline MFQS Annual and Application Fee Schedule, Effective January 1, 2016

Product Impacted:

Firms Impacted:

  • All MFQS issuer firms, including mutual fund families and trust sponsors

Contact Information:

What you need to know:

  • Effective January 1, 2016, Nasdaq will streamline the MFQS annual and application fee structure for mutual funds, money market funds, unit investment trusts (UITs), annuities, alternative investment products and structured products.

What is changing?

Effective January 1, 2016, Nasdaq will simplify the MFQS annual and application fee structure for mutual funds, money market funds, unit investment trusts (UITs), annuities, alternative investment products and structured products.

In an effort to minimize one-time costs and administrative burden for our customers, Nasdaq will eliminate all MFQS application fees for new instruments and instrument replacements. Note that under the new fee structure, Nasdaq will charge a single fee of $600 per MFQS instrument per year.

The MFQS fee structure changes are part of Nasdaq’s effort to improve MFQS operational efficiencies and reduce application turnaround times. In recent years, Nasdaq also introduced a secure MFQS website for application submission and tracking purposes and instituted email reminders for MFQS instrument changes. By removing application fees, Nasdaq is further reducing the administrative burden for fund administrators using the MFQS system.

How will the MFQS fee change be implemented?

Nasdaq will modify the MFQS fee structure as of January 1, 2016.

Annual Fees

For existing instruments on the MFQS system as of January 1, 2016, firms will see the new annual fee rate reflected on the 2016 annual invoice to be sent to issuers and fund administrators on or about January 8, 2016.

For instruments added to the MFQS system after January 1, 2016, the new annual fee rate will also apply.

Application Fees

For new and replacement instrument applications submitted to Nasdaq, the current application fees will continue to apply through December 31, 2015.

Nasdaq will require firms remit a payment for all applications submitted to MFQS Operations through November 30, 2015.

For applications received in the month of December 2015, Nasdaq will consider the target go-live date for the instrument in its fee assessment decision. If the instrument is scheduled to go-live on or before December 31, 2015, the application fees will apply. If the instrument is scheduled to go-live on or after January 1, 2016, the application fees will be waived.

As of January 1, 2016, Nasdaq will no longer collect application fees for incoming new instrument or instrument replacement applications.

Is Nasdaq modifying any other MFQS fees?

No. MFQS fees for market data distributors and pricing agent firms will remain the same for 2016.

Where can I find additional information?


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