No Changes for Exam Enrollment and Form D Filing Fees
WASHINGTON, D.C. (November 26, 2018) –The North American Securities Administrators Association (NASAA) today announced the continued waiver of Investment Adviser Registration Depository (IARD) system fees for state-registered investment adviser firms. NASAA also announced that enrollment fees of the NASAA Series 63,65, and 66 exams and the EFD system fee for Form D, Rule 506 will remain unchanged from last year’s levels.
“State securities regulators strive to protect the investing public in the most effective and efficient manner possible, which is why I am pleased to announce that NASAA’s 2019 exam and enrollment fees will not increase,” said Michael S. Pieciak, NASAA President and Vermont Commissioner of Financial Regulation.
For 2019, the IARD system fees for state-registered investment adviser firms will be waived and the initial IARD set-up and renewal fee will continue to be $10 for investment adviser representatives, an amount reduced significantly from the $45 charged when the IARD system became operational in 2001.
Pieciak 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. This information is used by securities regulators and also helps the public research an investment adviser’s background through the Investment Adviser Public Disclosure (IAPD) database. IAPD provides instant access to registration documents filed by SEC- or state-registered investment advisers.
IARD system fees fund user and system support and system enhancements. Candidates enrolling for the Series 63, 65, or 66 examinations on or after January 1, 2019 will be charged the same fee as last year: Series 63 ($135), Series 65 ($175), and Series 66 ($165). The last exam fee increase was in 2016.
In addition, NASAA’s Electronic Filing Depository (EFD) one-time system use fee for each Form D Rule 506 offering will remain unchanged at $155. In addition to funding increased system administration, maintenance and oversight costs, Pieciak noted that revenue generated both from examination and EFD fees also helps support NASAA’s continuing efforts to expand and enhance the training and education of its membership and the association’s investor protection efforts.
For More Information: Bob Webster | Director of Communications 202-737-0900