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Electronic Filing for Investment Advisers on IARD:
IARD Filing Fees

The Commission has approved the following FINRA filing fees for registered or registering investment advisers and for exempt reporting advisers. Filing fees are charged for initial registration, initial reports, and annual updating amendments to Form ADV filed through IARD.

FINRA Filing Fee Schedule

Advisers Registering or Registered with the SEC

Assets Under ManagementInitial
Registration Fee
Annual Updating Amendment Fee

$100 million or more$225$225
$25 million to $100 million$150$150
Less than $25 million$40$40

Exempt Reporting Advisers filing Reports with the SEC

  • $150 for each Initial Report
  • $150 for each Annual Updating Amendment

Fee Note

The Commission has approved initial registration and annual IARD filing fees for investment advisers registered with the Commission or applying for registration with the Commission (see Release No. IA-3126). SEC-registered investment advisers will have to pay the fee associated with their Annual Updating Amendments filed on or after January 1, 2011. For the same period, investment advisers filing with the Commission for initial registration on the IARD will have to pay the initial registration fee. Fees are charged based on your firm's assets under management. Fees must be credited to your firm's IARD Daily Account before you can submit your filing. No fee is charged for filing an electronic amendment to Form ADV unless it is an Annual Updating Amendment. No fee is charged for electronically filing Form ADV-W. Investment advisers registered with the Commission or applying for registration with the Commission will still be subject to applicable state notice filing fees associated with any amendment or initial registration filing.

The Commission has approved initial report and annual IARD filing fees for exempt reporting advisers filing reports with the Commission (see Release No. IA-3305 at http://www.sec.gov/rules/other/2011/ia-3305.pdf). Fees must be credited to your Firm's IARD Daily Account before you can submit your filing. No fee is charged for filing an electronic amendment to Form ADV unless it is an Annual Updating Amendment. No fee is charged for electronically filing a Final Report.

Advisers Registering with the SEC or Filing Reports with the SEC

New advisers must pay an initial registration fee or initial report fee at the time they submit Form ADV electronically through IARD. Be sure to deposit funds in your IARD account at least 48 hours before submitting your filings.

No Fees for Some Electronic Filings

No fees are charged for filing an electronic amendment to Form ADV unless it is an Annual Updating Amendment (but see initial filing exception discussed above). No fee is charged for electronically filing Form ADV-W or a Final Report.

Information on State Notice Filing Fees

Many states require SEC-registered advisers to file copies of their Form ADV with a state securities regulator ("notice filings") if the SEC-registered adviser does business in the state. State fees charged for making a notice filing are paid through IARD. For information on state notice filings and related filing fees, check with the appropriate state securities authorities and NASAA.

http://www.sec.gov/divisions/investment/iard/iardfee.shtml


Modified: 10/16/2014