IARD fees waived for 2009

Set-up and annual system fees for the Investment Adviser Registration Depository system will be waived for advisory firms and investment adviser representatives for the next year.

Set-up and annual system fees for the Investment Adviser Registration Depository system will be waived for advisory firms and investment adviser representatives for the next year, the Securities and Exchange Commission and the North American Securities Administrators Association Inc. announced yesterday.
“We are pleased to be able to continue the fee waiver of initial and annual fees paid by investment advisers through July 31, 2009,” SEC division of investment management director Andrew “Buddy” Donohue said in a release.
The IARD system is an Internet database sponsored by the SEC and Washington-based NASAA, and operated by the Financial Industry Regulatory Authority Inc. of New York and Washington.
The system contains disclosure statements for about 25,000 advisory firms and nearly 250,000 individual investment adviser representatives.
The SEC and NASAA said that revenue from IARD system fees had exceeded original projections, allowing waivers for the past several years.
Representatives paid $30 in 2006, the last year in which they paid the fee. Advisory firms paid between $100 and $550 in 2004, the last year they paid the fee.