(Washington, DC) — The Department of Insurance, Securities and Banking (DISB) today announced waivers for the initial set-up and annual system fees paid by investment adviser firms to maintain the Investment Adviser Registration Depository (IARD) system. The system fees required by the investment adviser representatives are also waived for next year.

“Given the current economic climate, I am pleased that the IARD system’s ongoing success has allowed us to maintain the system fee waivers put in place in 2005 for investment adviser firms, and also to waive for the first time the system fees paid by investment adviser representatives,” said DISB Commissioner Thomas E.  Hampton.

The IARD system promotes effective and efficient investor protection through readily accessible disclosure while offering a consistent and streamlined registration process for investment advisers and their representatives. 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. It contains 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 to pay for user and system support and for enhancements to the system.

The IARD system is an Internet-based national database sponsored by the North American Securities Administrators Association and the US Securities and Exchange Commission, and operated by the Financial Industry Regulatory Authority in its role as a vendor.

“The waiver and reduction in system fees does not affect the state-mandated fees paid by firms and representatives to register in the District of Columbia,” Commissioner Hampton added. “Therefore, these actions will have no impact on District revenue.”