The Securities and Exchange Commission and the North American Securities Administrators Association said they would waive for nine months the initial set-up and annual renewal fees paid by investment adviser firms to join their registration system.

The Investment Adviser Registration Depository system is an Internet-based national database, sponsored by the SEC and NASAA and operated by the Financial Industry Regulatory Authority. It offers investment advisers and representatives a single source for filing state and federal registration and notice filings.

The system also contains the 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 for user and system support and for enhancements.

The fee waiver will be in place through July 31, 2009. NASAA's board of directors approved the system fee waiver and will continue to monitor the system's revenues to determine whether future fee adjustments are warranted.

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