Initial and Renewal Fees for individual IA Representatives to Continue at Reduced Level for 2017
WASHINGTON, D.C. (October 24, 2016) – The North American Securities Administrators Association (NASAA) today announced the waiver of Investment Adviser Registration Depository (IARD) system fees for investment adviser firms, many of which are small, local businesses, and the continuation of substantially reduced initial set-up and annual system fees paid by investment adviser representatives (IARs).
“State securities regulators are sensitive to the cost of compliance and we are pleased that we can maintain reduced IARD system fees for individual investment adviser representatives. Cost savings achieved without weakening investor protection benefits investors and small businesses alike,” said Mike Rothman, NASAA President and Minnesota Commissioner of Commerce.
For 2017, the initial IARD set-up and renewal fee will continue to be $10 for IARs, an amount reduced significantly from the $45 charged when the IARD system first became operational. Rothman said NASAA’s Board of Directors will monitor the IARD system’s revenues and, if warranted, make future adjustments to ensure the effective and efficient operation of the system.
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 fund 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 330,000 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.
For More Information:
Bob Webster | Director of Communications
202-737-0900
