State Securities Regulators Announce Launch of Online Service Providing Background Information About Investment Adviser Representatives

WASHINGTON, D.C. (June 28, 2010) – The North American Securities Administrators Association (NASAA) today announced the launch of an enhancement to the Investment Adviser Public Disclosure (IAPD) website that will allow investors to electronically access information about individuals who work for money management, financial planning and other investment advisory firms. This enhancement will provide information on investment adviser representatives – the individuals who work for these firms and provide investment advice to clients.

NASAA President and Texas Securities Commissioner Denise Voigt Crawford said the enhancement will allow investors to access information on more than 220,000 individual investment professionals, including background information such as customer complaints, criminal or regulatory disclosures, professional qualifications, and employment history. Previously, IAPD provided instant access only to registration documents filed by registered investment advisory firms.

The information provided on IAPD for both investment advisory firms and individuals comes from documents filed electronically with state securities administrators or the Securities and Exchange Commission. The registration documents provide information about each adviser’s business, advisory services and fees and also disclose any disciplinary problems an adviser or its employees may have had during the last 10 years.

Crawford hailed the enhancement as an important step in improving investor protection.

“Investors should be equipped with the important information that will be available through this website when they evaluate who they should hire to help them plan for retirement or pay for a child’s education,” Crawford said. “State securities regulators responsible for protecting investors and providing investors with information about financial firms and professionals are an essential part of that mission. I want to commend the hard work of my colleagues for their efforts in making this enhancement a reality for investors.”

The IAPD website, adviserinfo.sec.gov, is available free of charge. Investors can receive additional information on investment adviser firms and investment adviser representatives by contacting their state securities regulator. Contact information for every state securities regulator is available here.

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, NASAA Director of Communications
202-737-0900

2010 Headlines, Newsroom