The SEC and the North American Securities Administrators
Association waived—through October 31, 2006—various system fees
certain investment advisers and their representatives pay for
mandatory registration in the Investment Adviser Registration
Depository (IARD). The IARD enables firms and their representatives to
satisfy federal and state regulatory requirements with one electronic
filing and gives investors access to detailed information on advisers’
services, fees and disciplinary records (
www.sec.gov/news/press/2005-145.htm ; www.iard.com ).