Press Release: SEC, NASAA Announce Continuation of IARD System Fee Waiver; 2006-182; Oct. 26, 2006
The SEC and NASAA announced a two-year waiver of annual and initial IARD system fees for investment adviser firms and a one-third reduction in fees for representatives (from $45 to $30), with no fraud or misconduct involved—only a cost-relief measure to support regulatory efficiency and investor protection.
The U.S. Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) jointly announced a two-year fee waiver for investment adviser firms, eliminating annual and initial IARD system fees through October 31, 2008. Investment adviser representatives will see their initial and renewal fees reduced by one-third, from $45 to $30, as approved by NASAA’s Board of Directors. No fraud, penalties, or misconduct are associated with this announcement—it is purely an administrative cost-reduction initiative to lower compliance burdens and maintain access to the IARD’s critical investor protection database.
The U.S. Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) announced a two-year extension of fee waivers for the Investment Adviser Registration Depository (IARD) system, effective November 1, 2006, through October 31, 2008. Investment adviser firms will no longer pay annual or initial system fees, while investment adviser representatives will see their fees reduced by one-third—from $45 to $30—for both initial and renewal filings. This decision, approved by NASAA’s Board of Directors, is intended to reduce regulatory compliance costs for advisers and representatives without compromising the integrity or functionality of the IARD system. The IARD, jointly sponsored by the SEC and NASAA and operated by NASD, serves as the national database for investment adviser registrations, housing employment and disciplinary records for over 24,000 firms and 220,000 representatives. SEC Chairman Christopher Cox and NASAA President Joseph P. Borg emphasized that the fee reductions benefit not only the industry but also investors by ensuring continued access to vital regulatory information. The move is purely administrative and cost-relief oriented, with no allegations of fraud, misconduct, or financial penalties involved. NASAA stated it will continue monitoring system revenues to assess whether future fee adjustments are necessary, underscoring the program’s sustainability and commitment to investor protection.
Exhibits & Attached Documents (1)
Extracted insights
- person annual system fees
- person christopher cox
- person iard system
- person iard system fees
- person joseph p. borg
- agency Securities and Exchange Commission
- SEC Announce Continuation of IARD System Fee Waiver
- SEC Waive Annual System Fees
- SEC Waive Initial Set-Up Fees
- NASAA Announce Reduction of System Fees
- NASAA Reduce System Fees by One-Third
- Christopher Cox Say Good News About Costs of Maintaining IARD System
- Christopher Cox Continue Waiver of Annual Fees
- Christopher Cox Waive Initial Fees Paid by New Registrants
- Joseph P. Borg Say IARD System Provides Important Information for Investors
- Joseph P. Borg Say System's Success Allows Waiver of Fees
- NASAA Waive Payment of Initial and Renewal IARD System Fees
- NASAA Reduce Investment Adviser Representatives' Fees by One Third
- NASAA Approve Waiver and System Fee Reduction
- NASAA Monitor System's Revenues for Future Fee Adjustments
- IARD System Provide Single Nationwide Database for Investment Advisory Field
- IARD System Contain Employment and Disciplinary Histories of 24,000 Investment Adviser Firms
- IARD System Contain Employment and Disciplinary Histories of 220,000 Individual Investment Adviser Representatives
- IARD System Fees Be Used For User and System Support
- IARD System Fees Be Used For Enhancements to the System
Joint Press Release SEC, NASAA Announce Continuation of IARD System Fee Waiver FOR IMMEDIATE RELEASE 2006-182 Washington, D.C., Oct. 26, 2006 - The U.S. Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) today announced they will continue to waive for two years the annual system fees paid by investment adviser firms to maintain the Investment Adviser Registration Depository (IARD) system. The SEC and NASAA also announced a waiver of initial set-up fees for new advisers filing on the IARD. Separately, NASAA announced that for the next two years it is reducing by one-third the system fees paid by investment adviser representatives. SEC Chairman Christopher Cox said, "For the second year in a row we have good news about the costs of maintaining this important on-line investor protection system. In addition to continuing for two years the waiver of annual fees paid by advisers to support the service, we are waiving initial fees paid by new registrants also from November 1, 2006, through October 31, 2008. This is a savings for the industry and ultimately for adviser clients and the investing public more broadly." "The IARD system provides important information for all investors and provides streamlined registration procedures for investment advisers and their representatives. We are pleased that the system's success has allowed us to grant a waiver of the investment adviser firm annual and initial fees and a reduction in the annual and initial fees investment adviser representatives pay to utilize this valuable resource," said Joseph P. Borg, Director of the Alabama Securities Commission and President of NASAA, the membership organization of securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, the provinces and territories of Canada, and Mexico. For the next two years NASAA will waive payment of initial and renewal IARD system fees by state-regulated investment adviser firms and reduce investment adviser representatives' initial and renewal fees by one third. The initial and renewal investment adviser representative fee will be $30, reduced from $45. Borg said NASAA's Board of Directors approved the waiver and system fee reduction and will continue to monitor the system's revenues to determine whether future fee adjustments are warranted. The IARD system is an Internet-based national database sponsored by NASAA and the SEC and operated by NASD in its role as a vendor. IARD provides a single nationwide database for the collection and dissemination of information about individuals and firms in the investment advisory field; and offers investment advisers and representatives a single source for filing state and federal registration and notice filings. The system contains the employment and disciplinary histories of more than 24,000 investment adviser firms and nearly 220,000 individual investment adviser representatives. IARD system fees are used for user and system support and for enhancements to the system. # # # Media Contacts: John Nester (SEC) (202) 551-4125 Bob Webster (NASAA) (202) 737-0900 Additional materials: Release No. IA-2564 http://www.sec.gov/news/press/2006/2006-182.htm Home | Previous Page Modified: 10/26/2006
Joint Press Release SEC, NASAA Announce Continuation of IARD System Fee Waiver FOR IMMEDIATE RELEASE 2006-182 Washington, D.C., Oct. 26, 2006 - The U.S. Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) today announced they will continue to waive for two years the annual system fees paid by investment adviser firms to maintain the Investment Adviser Registration Depository (IARD) system. The SEC and NASAA also announced a waiver of initial set-up fees for new advisers filing on the IARD. Separately, NASAA announced that for the next two years it is reducing by one-third the system fees paid by investment adviser representatives. SEC Chairman Christopher Cox said, "For the second year in a row we have good news about the costs of maintaining this important on-line investor protection system. In addition to continuing for two years the waiver of annual fees paid by advisers to support the service, we are waiving initial fees paid by new registrants also from November 1, 2006, through October 31, 2008. This is a savings for the industry and ultimately for adviser clients and the investing public more broadly." "The IARD system provides important information for all investors and provides streamlined registration procedures for investment advisers and their representatives. We are pleased that the system's success has allowed us to grant a waiver of the investment adviser firm annual and initial fees and a reduction in the annual and initial fees investment adviser representatives pay to utilize this valuable resource," said Joseph P. Borg, Director of the Alabama Securities Commission and President of NASAA, the membership organization of securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, the provinces and territories of Canada, and Mexico. For the next two years NASAA will waive payment of initial and renewal IARD system fees by state-regulated investment adviser firms and reduce investment adviser representatives' initial and renewal fees by one third. The initial and renewal investment adviser representative fee will be $30, reduced from $45. Borg said NASAA's Board of Directors approved the waiver and system fee reduction and will continue to monitor the system's revenues to determine whether future fee adjustments are warranted. The IARD system is an Internet-based national database sponsored by NASAA and the SEC and operated by NASD in its role as a vendor. IARD provides a single nationwide database for the collection and dissemination of information about individuals and firms in the investment advisory field; and offers investment advisers and representatives a single source for filing state and federal registration and notice filings. The system contains the employment and disciplinary histories of more than 24,000 investment adviser firms and nearly 220,000 individual investment adviser representatives. IARD system fees are used for user and system support and for enhancements to the system. # # # Media Contacts: John Nester (SEC) (202) 551-4125 Bob Webster (NASAA) (202) 737-0900 Additional materials: Release No. IA-2564 http://www.sec.gov/news/press/2006/2006-182.htm Home | Previous Page Modified: 10/26/2006