|For Immediate Release
|October 10, 2005
DFI Announces System Fee Waiver & Reduction for Investment
(Madison) The Wisconsin Department of Financial Institutions (DFI) today
announced a one-year waiver of system renewal fees paid by state-regulated
investment advisers and all investment adviser representatives for registration
in the Investment Adviser Registration Depository (IARD) program. DFI
also announced that it is reducing by 30 percent system fees paid by state-regulated
investment advisers on an on-going basis.
Securities Division Administrator Patricia Struck said that Wisconsin
is waiving payment of IARD system renewal fees by state-regulated investment
advisers and all investment adviser representatives. Currently, state-regulated
investment adviser firms pay an annual system fee of $100 and individual
representatives pay an annual system fee of $45. Struck also announced
that the system fees paid by investment advisers will be reduced by 30
percent to $70 on an on-going basis. “The waiver and reduction in
system fees does not apply to the state-mandated license renewal fees
paid by firms and representatives in Wisconsin. Therefore, these actions
will in no way impact state revenue," she said.
IARD system fees are used for user and system support along with periodic
enhancements to the system. Struck attributed the reduction in system
fees primarily to the overwhelming support of the states in mandating
the use of the IARD system for registrants. As a result more investment
advisers and investment adviser representatives have registered through
the system than originally anticipated.
“Since its inception, the IARD system has exceeded expectations,”
Struck said. “The system provides streamlined registration procedures
for investment advisers and their representatives, promotes consistency,
and allows investors to research the employment and disciplinary histories
of more than 21,000 investment adviser firms and eventually 200,000 individual
investment adviser representatives. I am pleased that IARD’s success
has allowed us to grant a waiver and reduction in the system fees.”
The IARD system is an Internet-based national database sponsored by the
North American Securities Administrators Association and the U.S. Securities
and Exchange Commission and operated by NASD in its role as a vendor.
Struck said IARD provides a single nationwide database for the collection
and dissemination of information about individuals and firms in the investment
advisory field; it offers investment advisers and representatives a single
source for filing state and federal registration and disclosures.