SEC, NASAA Announce Continuation

of IARD System Fee Waiver

On October 26, 2006, the Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) announced they will continue to waive for two more 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 the initial set-up fees for advisers filing on the IARD.  Separately, NASAA announced that for the next two years it is reducing by one third (from $45 to $30) the system fees paid by investment adviser representatives.   The new fee structure will be in place from November 1, 2006 thru October 31, 2008.

IARD system fees are used for user and system support, along with periodic enhancements to the system.  Because of the overwhelming support by the states in mandating the use of the IARD system for registrants and the successful implementation of the system for both filers and regulators, this reduction is possible.

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