WASHINGTON (October 6, 2010) – The North American Securities Administrators Association (NASAA) today announced it will waive the initial set-up and annual system fees paid by investment adviser firms (IAs) and investment representatives (IARs) to maintain the Investment Adviser Registration Depository (IARD) system.
“The ongoing success of the IARD system as a consistent and streamlined registration process for investment advisers and their representatives has allowed us to maintain the system fee waivers put in place in 2005 for investment adviser firms and also to fully waive for a third consecutive year the system fees paid by investment adviser representatives,” said David Massey, NASAA President and North Carolina Deputy Securities Administrator.
NASAA’s Board of Directors recently approved the system fee waiver and will continue to monitor the system’s revenues to determine whether future fee adjustments are warranted, Massey said.
The IARD system is an Internet-based national database sponsored by NASAA and the SEC and operated by FINRA in its role as a vendor. IARD provides investment advisers and representatives a single source for filing state and federal registration and notice filings and serves state and federal regulators as a nationwide database for the collection and dissemination of information about individuals and firms in the investment advisory field.
The system contains the employment and disciplinary histories of more than 25,000 investment adviser firms and nearly 270,000 individual investment adviser representatives. IARD system fees are used for user and system support and for enhancements to the system.
NASAA is the oldest international organization devoted to investor protection. Its membership consists of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada and Mexico.
For more information:
Bob Webster, Director of Communications