WASHINGTON (September 16, 2011) – The North American Securities Administrators Association (NASAA) today announced it will waive the initial set-up and annual system fees paid by investment adviser firms (IAs) and investment representatives (IARs) to maintain the Investment Adviser Registration Depository (IARD) system.
“State securities regulators are sensitive to the cost of compliance borne by investment advisers, many of which operate small businesses in local communities. Any cost savings that can be achieved without weakening investor protection will benefit both investors and small businesses in a struggling economy,” said Jack Herstein, NASAA President and Assistant Director of the Nebraska Department of Banking & Finance Bureau of Securities.
“We are pleased that the ongoing success of the IARD system enables us to maintain the system fee waivers put in place in prior years for investment adviser firms and also to fully waive the system fees paid by investment adviser representatives,” Herstein said. “We will continue to work to make sure the system operates efficiently.”
NASAA’s Board of Directors this week approved the system fee waiver and will continue to monitor the system’s revenues and make future adjustments, including waiving the system fees, if warranted, Herstein said.
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 26,000 investment adviser firms and nearly 280,000 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