IARD System to Begin Accepting Investment Advisers' Registrations

Washington, DC, March 12, 2002 - The North American Securities Administrators Association (NASAA) has announced that, beginning March 18, investment adviser representatives will be able to register with state regulators online through the Investment Adviser Registration Depository (IARD) system.

Accordingly, as of March 18, investment adviser firms that have either made a state notice filing or been state registered through the IARD will be able to register their new representatives through the IARD. Existing investment adviser representatives' registrations will be phased into the IARD between March and September 2002, with the specific schedule to be determined by the IARD and the states on a state-by-state basis.

A one-time, non-refundable initial set up fee of $45 per representative will be charged by the IARD when a representative is registered through or transitioned to the IARD. Thereafter, the firm will be assessed an annual IARD fee of $45. The IARD fees will be in addition to any registration fees assessed by the states in which the representative is registered.

For firms filing an application to register an investment adviser representative through the IARD (not to transition a representative), the filing requirements are the same as those currently imposed by states, such as:

filing of Form U-4;
evidence that the representative has passed the requisite examinations or obtained a professional designation recognized by the state in lieu of an examination; and
a registration fee.

In addition, some states require the filing of a fingerprint card as a condition of registration.

Additional information concerning the requirements of IARD for complying with these initial filing requirements and for transitioning existing representatives to the system is available in the IARD User's Manual. Chapters 8-11 of the manual relate to investment adviser representatives. Over the coming months, IARD users will receive additional information from the IARD and the states regarding the states' schedule for transitioning representatives to the system.

The launch of the IARD website was announced by the SEC in July 2000.