The SEC and NASAA also announced a waiver of initial set-up fees for new advisers filing on the IARD. Separately, the NASAA announced that for the next two years it is reducing by one third the system fees paid by investment adviser representatives.

"The IARD system provides important information for all investors and provides streamlined registration procedures for investment advisers and their representatives. We are pleased that the system's success has allowed us to grant a waiver of the investment adviser firm annual and initial fees and a reduction in the annual and initial fees investment adviser representatives pay to utilize this valuable resource," Joseph P. Borg, President of the NASAA, explained.

The IARD system is an Internet-based national database sponsored by NASAA and the SEC and operated by NASD 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 24,000 investment adviser firms and nearly 220,000 individual investment adviser representatives. IARD system fees are used for user and system support and for enhancements to the system.