NASAA Continues Reduced System Fees for Investment Adviser Representatives
WASHINGTON (November 3, 2015) – 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).
“We are pleased that we are able to once again waive system fees while maintaining a quality IARD system,” said Judith Shaw, NASAA President and Maine Securities Administrator.
For 2016, the initial IARD set-up and renewal fee will continue to be $10 for IARs, reduced significantly from the $45 charged when the IARD system first became operational. NASAA’s Board of Directors monitors the IARD system’s revenues and, if warranted, will make future adjustments to ensure that the system continues to operate effectively and efficiently, Shaw said.
The IARD system is an Internet-based national database sponsored by NASAA and the SEC that provides investment advisers and their representatives a single source for filing state and federal registration and notice filings. The IARD 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. IARD system fees are used for user and system support and for enhancements to the system.
The system contains the employment and disciplinary histories of more than 29,000 investment adviser firms and more than 325,000 individual investment adviser representatives. This information is used to help the public research an investment adviser’s background through the Investment Adviser Public Disclosure (IAPD) database, which provides instant access to registration documents filed by SEC- or state-registered investment advisers.
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