HELENA, Mont. – The Commissioner of Securities and Insurance of the Montana State Auditor’s Office today announced it will waive the initial set-up and annual system fees paid by investment adviser firms (IAs) and investment representatives (IARs) to maintain the Investment Adviser Registration Depository (IARD) system.
Commissioner Monica Lindeen said, “The IARD system promotes effective and efficient investor protection through readily accessible disclosure of important information to the public while at the same time offering a consistent and streamlined registration process for investment advisers and their representatives. Given the current economic climate, we are pleased that the IARD system’s continued success will allow us to maintain the system fee waivers put in place in 2005 for investment adviser firms and also to fully waive for a second year the system fees paid by investment adviser representatives.”
Lindeen said the waiver in system fees does not apply to the state-mandated fees paid by firms and representatives to register in Montana. “These actions will in no way impact state revenues,” Lindeen said.
The system fee waiver was approved by the Board of Directors of the North American Securities Administrators Association (NASAA). Lindeen said NASAA 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 U.S. Securities and Exchange Commission (SEC) and operated by the Financial Industry Regulatory Authority (FINRA) 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 25,000 investment adviser firms and nearly 250,000 individual investment adviser representatives. IARD system fees are used for user and system support and for enhancements to the system.