SEC, NASAA Registration System Fees Waived for Adviser Firms

The Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) said they will waive the initial set-up and annual system fees paid by investment adviser firms to join the Investment Adviser Registration Depository (IARD) system.

Those fees will be waived through July 31, according to a press release. The SEC said it is continuing to make enhancements to the online adviser registration and public disclosure system, which gives investors information about advisers.

Separately, NASAA announced that for next year it will also waive those system fees paid by investment adviser representatives (IARs). NASAA will waive payment of initial and renewal IARD system fees by state-regulated investment adviser firms and investment adviser representatives’ initial and renewal fees. NASAA’s Board of Directors approved the system fee waiver and will continue to monitor the system’s revenues to determine whether future fee adjustments are warranted, according to the release.

“The IARD system promotes effective and efficient investor protection through readily accessible disclosure while offering a consistent and streamlined registration process for investment advisers and their representatives,’ said NASAA President and Colorado Securities Commissioner Fred J. Joseph, in the release. “Given the current economic climate, we are pleased that the IARD system’s ongoing success has allowed us to maintain the system fee waivers put in place in 2005 for investment adviser firms and also to fully waive for the first time the system fees paid by investment adviser representatives.”