April 25, 2001

SEC AND NASAA URGED TO HAVE MORE UNIFORMITY IN FILING REQUIREMENTS

In a letter to the SEC and NASAA, the ICI urged the states to have more uniformity in the filing requirements of federally registered advisers. In particular, the ICI urged states to eliminate any filing fee that cannot be paid through the IARD.

The ICI noted that 18 states do not follow NASAA's model rule that suspends the adviser's obligation to file Part II of its Form ADV until the IARD can accept such filings. These states require the hard copy of Part II to be filed. The SEC and NASAA will held a joint conference that discussed these and other issues on April 30, 2001.