The sponsors of a national database that tracks individual investment advisors and investment advisory firms say they plan to give advisors a break on system registration fees.[@@]
The National Association of Securities Dealers, Washington, runs the system, the Investment Adviser Registration Depository system, for the U.S. Securities and Exchange Commission and the North American Securities Administrators Association, Washington.
Because states have been so quick to require advisors to use the system, fee revenue has been running far ahead of projections, according to officials at the SEC.
To cope with the excess revenue, the SEC has approved a waiver of IARD filing fees for all SEC-registered advisors for Form ADV annual updating amendments filed from Nov. 1, 2005, until Oct. 31, 2006.
Up till now, SEC-registered advisory firms have been paying annual IARD fees ranging from $100 to $400.
NASAA is helping cut the filing fee glut by reducing by 30% system fees paid by state-regulated investment advisors, officials say.