WASHINGTON, D.C. (October 30, 2019) — 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 $5 increases in the IARD system fee for state-registered investment adviser representatives and the Electronic Filing Depository (EFD) system use fee for Form D, Rule 506 and Form NF-UIT filings, effective January 1, 2020.
For 2020, initial IARD set-up and renewal system fees will be $15 for investment adviser representatives, an increase of $5 since the fee was reinstated in 2013. This fee was $45 when the IARD system first became operational in 2001. IARD system fees fund user and system support as well as system enhancements, including the ongoing redesign of the IARD system to improve its effectiveness and efficiency and to make it more user-friendly for applicants and registrants.
IARD is a national internet-based database sponsored by NASAA and the Securities and Exchange Commission (SEC) that provides investment advisers and their representatives a single source for filing state and federal registrations and notice filings. The information is used by securities regulators and helps the public conduct research on investment advisers through the Investment Adviser Public Disclosure (IAPD) database. The IAPD database provides public access to registration documents filed by SEC- and state-registered investment advisers.
EFD is a NASAA-sponsored system that facilitates Form D and Form NF-UIT filings with state regulators. The system use fee for Form D and form NF-UIT notice filings will increase from $155 to $160. The increase will offset EFD system administration, maintenance and oversight costs. NASAA President Christopher W. Gerold noted that revenue generated from EFD fees helps support NASAA’s continuing efforts to expand and enhance the training and education of its membership and the association’s support of its members’ investor protection efforts.
For More Information:
Bob Webster | Director of Communications
Noelle Lane | Communications & Outreach Coordinator