NASAA Continues Reduced System Fees for Investment Adviser Representatives

WASHINGTON, D.C. (October 20, 2014) – 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 modest fees paid by individual investment adviser representatives ensure that the IARD system maintains sufficient reserves for operations and enhancements without requiring fees from firms, many of which operate in our local communities as small businesses,” said William Beatty, NASAA President and Washington Securities Director.

For 2015, 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,” Beatty 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 315,000 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.

For More Information:
Bob Webster | Director of Communications
202-737-0900