The North American Securities Administration Association ("NASAA" or "Association") will continue to waive Investment Adviser Registration Depository ("IARD") system fees for state-registered investment adviser firms in 2020.

NASAA also announced that effective January 1, 2020, the Association will impose a $5 increase in (i) initial IARD set-up and renewal system fees for state-registered investment adviser representatives, and (ii) Electronic Filing Depository system-use fees for Form D filings.