Securities markets may operate on Wall Street, but stocks, bonds and other securities are sold on Main Street, in our neighborhoods and even over our kitchen tables from nearly 96,000 branch offices in the United States alone. Today roughly half of all U.S. households rely on the securities markets to plan and prepare for their financial futures. And the number of firms and individuals holding themselves out as investment professionals has grown significantly in the past two decades. Throughout the United States, for example, more than 16,000 investment firms and more than 825,000 securities professionals are licensed to conduct business.
NASAA members believe it is critical that information about these individuals and firms be readily accessible to the investing public, industry, and regulators. Two of the more notable success stories in accomplishing this accessibility have been the Central Registration Depository (CRD) and the Investment Adviser Registration Depository (IARD) systems.
CRD at a Glance
Developed by NASAA and NASD (now FINRA) and implemented in 1981, CRD consolidated a multiple paper-based state licensing and regulatory process into a single, nationwide computer system. Today, the CRD is arguably the best licensing system in existence. Its computerized database contains the licensing and disciplinary histories on more than 650,000 securities professionals and 5,200 securities firms.
IARD at a Glance
The IARD, developed jointly by NASAA and the SEC, and built and operated by the Financial Industry Regulatory Authority (FINRA), is to investment advisers what the CRD is to broker-dealers. Its database helps promote uniformity, through use of common forms, and efficiency through a paperless environment. It helps investors research the employment and disciplinary histories of more than 26,000 investment adviser firms and nearly 280,000 individual investment adviser representatives.
In This Section
- CRD/IARD Links
- IARD FAQs
- IARD Mandating Table
- IA/BD Exemption Chart
- Notice Filing & Transition Explanation
- Informal Guidelines for Completing Registration Forms
- Investment Adviser and Broker-Dealer Exemption Information
- CRD/IARD Forum Slides, NASAA Annual Conference, Salt Lake City, Utah, October 8, 2013
- NASAA Presentation on State Issues, ARM 2016 Annual Educational Conference, March 8, 2016
Important Reminder and Clarification for State Jurisdictions and Investment Adviser Firms:
Deadline For Completion of the New Form U4 Regulatory Action Questions