In a recent news release, the North American Securities Administrators Association (NASAA) announced that it will waive the initial set-up and annual system fees paid by investment adviser firms and investment representatives to maintain the Investment Adviser Registration Depository (IARD) system. NASAA President Jack Herstein said that NASAA's Board of Directors this week approved the system fee waiver and will continue to monitor the system’s revenues and make future adjustments, including waiving the system fees, if warranted.
As described by NASAA in the release, the IARD provides a single source for filing state and federal registration and notice filings and 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.