Reduced System Fees Reinstated for Investment Adviser Representatives
WASHINGTON (September 24, 2012) – The North American Securities Administrators Association (NASAA) today announced the waiver of the Investment Adviser Registration Depository (IARD) system fees for investment adviser firms and the reinstatement of substantially reduced initial set-up and annual system fees paid by investment adviser representatives (IARs). Fees for IAs and IARs have been waived since 2008.
“Setting substantially reduced IARD fees for individual investment adviser representatives will allow us to ensure that the IARD system maintains a sufficient operating reserve without charging firms, many of which operate small businesses in local communities,” said Heath Abshure, NASAA President and Arkansas Securities Commissioner.
For 2013, the initial IARD set-up and renewal fee will be $10 for IARs. These fees were $45 when the IARD system first became operational.
“By reinstating the system fees for IARs at a reduced level, we will be able to maintain a reserve for on-going operations and enhancements,” Abshure said. “We will continue our efforts to ensure that the system operates efficiently and NASAA’s Board of Directors will continue to monitor the system’s revenues and make future adjustments, including waiving the system fees as we have done in the past, if warranted.”
The IARD system is an Internet-based national database sponsored by NASAA and the SEC. IARD provides investment advisers and their 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 28,000 investment adviser firms and more than 290,000 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.
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Bob Webster, Director of Communications