NASAA Announces IARD System Fee Waiver for Investment Adviser Firms

Reduced System Fees Continued for Investment Adviser Representatives 

WASHINGTON (October 23, 2013) – 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 continuation of substantially reduced initial set-up and annual system fees paid by investment adviser representatives (IARs).

“The continuation of substantially reduced IARD fees for individual investment adviser representatives enables state securities regulators to ensure that the IARD system maintains a sufficient reserve for operations and enhancements without charging a fee to firms, many of which are small, local businesses,” said Andrea Seidt, NASAA President and Ohio Securities Commissioner.

For 2014, the initial IARD set-up and renewal fee will be $10 for IARs. These fees were $45 when the IARD system first became operational.

“We will continue our efforts to ensure that the system operates efficiently,” Seidt said. “NASAA’s Board of Directors will monitor the system’s revenues and make future adjustments, including, if warranted, waiving the system fees as we have done in the past.”

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 nearly 300,000 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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