---
title: "Regulatory fees explained: What does \"REG and TAF Fees\" mean?"
description: This is a regulatory fee that is charged by the US government - specifically, the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) - on all Sell orders (the stocks you sell) on Grifin.
---

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# Regulatory fees explained: What does "REG and TAF Fees" mean?

This is a regulatory fee that is charged by the US government -specifically, the *Financial Industry Regulatory Authority (FINRA)* and the *Securities and Exchange Commission (SEC)* - on all "Sell" orders you make on Grifin (the stocks you sell).

![reg and taf fees](https://help.grifin.com/hs-fs/hubfs/reg%20and%20taf%20fees.png?width=522&height=82&name=reg%20and%20taf%20fees.png)  
Grifin does **NOT** benefit financially from these charges in any way, shape, or form. These charges are 100% passed on to the above government agencies in full:

- SEC regulatory fee for both equities and options: **$27.80 per $1,000,000** (sells only).
- FINRA Trading Activity Fee (TAF): **$0.000166 per share** (sells only). 
    - This FINRA transaction fee is rounded up to the nearest penny.
    - Max FINRA fee of $8.30.

### **NOTE: New regulatory fee update as of June 1, 2025:**

The **Consolidated Audit Trail (CAT)** introduced a new fee structure, which Grifin will be billed for. This fee will be charged per trade, but we will ***NOT*** pass this fee on to you (whereas, the existing REG/TAF fee mentioned above ***IS*** passed on to you).

The **CAT Fee rate** is based on executed equivalent shares. Current fee structure is:

**Equities (stocks)**

The CAT Fee is calculated at $0.000046 per share (1:1 ratio) as follows:

**Fee × Executed Equivalent Shares = CAT Fee**

**Do I have to pay for these fees separately?**

No, you do not pay regulatory fees separately. The ***"REG and TAF Fees"*** are automatically deducted from stock sale proceeds. As for the ***"CAT fees"*** cost, as mentioned above, Grifin covers that for you. :)

For more details, see our [Fee Schedule](https://cdn.prod.website-files.com/5f57e1324640138c423b1ab2/682df65a4063b2017b16defc_Grifin%20Fee%20Schedule%20v%205.21.25.png).

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