TN Securities Division Announces IARD System Fee Waiver

Tuesday, November 03, 2015 | 9:01am

NASHVILLE – The Tennessee Department of Commerce & Insurance’s Securities Division today announces the waiver of the Investment Adviser Registration Depository (IARD) system fees for investment adviser firms and the continuation of substantially reduced initial set-up and annual system fees paid by investment adviser representatives (IARs).

“We are pleased that we are able to once again waive system fees while maintaining a quality IARD system,” said Frank Borger-Gilligan, TDCI’s Assistant Commissioner for the Tennessee Securities Division.

For 2016, the initial IARD set-up and renewal fee will continue to be $10 for IARs which is a significant reduction from the $45 fee charged when the IARD system first became operational.  State filing fees will remain unchanged and will have no negative impact on state revenue.

The system fee waiver for investment adviser firms and continuation of initial set-up and annual system fees for investment adviser representatives was approved recently by the Board of Directors of the North American Securities Administrators Association (NASAA), of which the Tennessee Securities Division is a member. NASAA’s Board will continue to monitor the system’s revenues and, if warranted, will make future adjustments to ensure the system continues to operate effectively and efficiently.

The IARD system is an Internet-based national database sponsored by NASAA and the SEC that provides investment advisers and their representatives a single source for filing state and federal registration and notice filings. The IARD serves state and federal regulators as a nationwide database for the collection and dissemination of information about individuals and firms in the investment advisory field. IARD system fees are used for user and system support and for enhancements to the system.

The system contains the employment and disciplinary histories of more than 29,000 investment adviser firms and more than 325,000 individual investment adviser representatives. This information is used to help the public research an investment adviser’s background through the Investment Adviser Public Disclosure (IAPD) database, which provides instant access to registration documents filed by SEC- or state-registered investment advisers.

For more information, contact the Tennessee Securities Division at (615) 741-2947 or at Securities1@tn.gov.
 

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