SEC, FINRA, and ADR fees

SEC fee

The SEC fee is a small regulatory fee charged on sell orders, based on the principal amount of the transaction. It's set by the SEC and is rounded up to the nearest penny. For the current rate, see our fee schedule.

TAF (Trading activity fee)

The TAF is a regulatory fee set by FINRA and charged on sell orders, based on the number of shares sold. It's rounded up to the nearest penny and is subject to a per-trade maximum. Because this cap applies per execution, and an order can be filled in multiple parts, you may occasionally be charged more than the standard maximum. For the current rate and cap, see our fee schedule.

ADR fees

Unlike the SEC and TAF above, ADR fees aren't triggered by placing a trade. Instead, they're a custody fee charged by the ADR's depositary bank to holders of the ADR, generally ranging from $0.01 to $0.03 per share. They're typically deducted from any dividend paid during the period; if no dividend is paid, the fee may be billed separately. The amount and timing vary by ADR, so check the specific ADR's prospectus or deposit agreement (filed as an exhibit to its Form F-6 registration statement), which you can find via the SEC's EDGAR Company Search.