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WASHINGTON, D.C. (November 3, 2021) – The North American Securities Administrators Association (NASAA) today announced the continued waiver of Investment Adviser Registration Depository (IARD) system fees in 2022 for state-registered investment adviser firms, and the continuation of substantially reduced initial set-up and annual system fees paid by investment adviser representatives.

NASAA President and Maryland Securities Commissioner Melanie Senter Lubin said, “NASAA’s Board remains committed to achieving cost savings without weakening investor protection benefits for investors and small businesses.”

In 2022, initial IARD set-up and renewal system fees will continue to be $15 for investment adviser representatives. This fee was $45 when the IARD system first became operational in 2001.

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.

“As state securities regulators, our members are careful to balance the costs of compliance against those incurred to provide investor protection services,” Lubin stated.


About NASAA:
Formed in 1919, NASAA is a nonprofit association of state, provincial and territorial securities regulators in the United States, Canada and Mexico. NASAA has 67 members, including the securities regulators in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands with a shared mission of protecting investors from fraud and abuse. For more information, visit:




For More Information:

Jeanne Hamrick | Director of Communications

Karen Grajales | Communications & Investor Outreach Manager



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