WELCOME TO THE INVESTMENT ADVISER REGISTRATION DEPOSITORY
Welcome to the IARDTM website. This site provides investment adviser firms and representatives with a variety of information about the Investment Adviser Registration Depository (IARD) system. IARD is an electronic filing system that facilitates investment adviser registration, exempt reporting adviser filing, regulatory review, and the public disclosure information of registered investment adviser firms and individuals. FINRA is the developer and operator of IARD. The system has been developed according to the requirements of its sponsors, the Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA), along with those of an Industry Advisory Council representing the investment adviser firms.
Information about investment advisers for the investing public can be found on the Investment Adviser Public Disclosure (IAPD) website.
IARD/PFRD System Availability
IARD and PFRD are generally available from 5 a.m. to 11 p.m. Eastern Time, Monday through Friday. Please refer to the IARD/PFRD Availability Schedule for detailed weekend and holiday availability.
What’s New on IARD
Please look to this area of the home page on a frequent basis for regular updates, new information, and documents about how to use IARD.
E-Bill Scheduled Outage in October
FINRA is upgrading its back-end accounting systems at the beginning of October. As a result of this upgrade, the E-Bill system will be unavailable from Thursday, October 1, until Friday, October 9, 2020. During this outage period:
- Accounting transactions (including IARD/CRD transactions) will still be deducted from your Flex-Funding Account, but account balance changes that occur during the outage will not be viewable in E-Bill.
- Organizations will not be able to perform the following activities:
- add funds via ACH, wire or check;
- initiate funds transfers between accounts, affiliated firms and invoices; or
- view historic financial information.
- AutoPay will not pay pending invoices or add funds.
- Accounting-related reports will not be available.
- No new invoices will be generated.
- E-Bill notifications will not be sent.
Organizations are encouraged to deposit funds in the organization’s Flex-Funding Account to avoid IARD/CRD-related filing issues (e.g., “Funds Deficient” statuses) prior to Wednesday, September 30, to ensure that the outage does not interfere with upcoming organizational needs.
Enhanced Entitlement Security Feature — Multi-Factor Authentication (MFA) Rollout
Beginning Saturday, May 16, 2020, Multi-Factor Authentication (MFA) is being rolled out in phases over a period of months to firms' Super Account Administrators and Account Administrators. FINRA is deploying this new security feature as an additional layer of security to verify user identity. MFA is an authentication method in which a user is granted access to FINRA systems only after successfully providing two pieces of identifying information:
- existing FINRA system credentials (user name and password); and
- new MFA security feature (three options to provide second authentication factor):
- mobile application,
- text message, or
- phone call.
For more information, visit the Multi-Factor Authentication page.
Payroll Protection Program and Form U4
On April 13, 2020, FINRA issued guidance (found in the Individual Registration Q&A section) stating that a registered person who obtains a loan under the Paycheck Protection Program (PPP) will not have to disclose a “compromise with a creditor” in response to Question 14K on Form U4 if the loan is wholly or partially forgiven under the terms of the PPP. The NASAA CRD/IARD Steering Committee consulted with FINRA regarding this guidance. We concur with it and further advise that the same guidance would apply to Question 14K on Form U4 for an investment adviser representative who obtains a PPP loan.
SEC Extends Deadline for Form ADV Annual Updating Amendment
COVID-19 Update for Investment Adviser Representative (RA) Qualification Exam Candidates
COVID-19 guidance on FINRA-administered exams (Series 7, 65 and 66 for RAs*) has been posted. Information regarding test center availability, exam cancellations and enrollment window extensions will be updated as it becomes available. Please check frequently and encourage exam candidates to consult the page before enrolling, scheduling or sitting for their exams.
*Please note that FINRA administers state law exams on behalf of NASAA.
Browser Support Update
Beginning April 4, 2020, FINRA will cease to support Internet Explorer 11 for IARD, PFRD and CRD. On or after that date, users will not be able to log in to those applications with an unsupported browser. You can check your current web browser at https://whatsmybrowser.org. You or your firm should upgrade your web browser if it does not meet or exceed the following minimum browser requirements:
- Chrome versions 68 or later
- Firefox versions 66 or later
- Microsoft Edge 16 or later
- Safari versions 12 or later
System Release Notes
View explanations of recent and upcoming system changes in the release notes linked below:
- Protect Personal Information! Remember to only provide personal information about individuals in response to specific questions that solicit that information. When responding to more general questions that accept narrative responses, use terms that do not disclose personal information (including account numbers). Please review the guidance provided on the Protecting Personal Information in Form ADV Filings page for more information.
- Investment Adviser Representative Fingerprint Submissions
FINRA does not process fingerprint transactions for investment adviser (IA) firms. An IA-only firm must submit fingerprints directly to those states that require a fingerprint check for an RA registration. Contact the applicable state to verify state fingerprint requirements. Fingerprint submissions received by FINRA from an IA-only firm will not be returned to the firm.
- FINRA.org: Add to Safe-Sender Email List
FINRA is the operator of IARD on behalf of the IARD program sponsors which are the SEC and NASAA. In order to ensure consistent delivery of FINRA emails to your inboxes, please add our email domain, FINRA.org to your firm's safe-sender list as soon as possible. Please review this Subscriptions Help page for instructions on how to add email addresses/domains to your firm’s specific email application. If your email application requires you to enter individual email addresses to your safe-sender list in addition to, or in lieu of, an email domain, please add the following addresses:
Also, if you are an SEC-registered IA firm, please add: [email protected]
- Form ADV-E Guidance for Independent Public Accountants
A quick reference guide to the Form ADV-E Surprise Examination Filing website is now available for independent public accountants conducting a surprise inspection of an investment adviser firm.
- SEC Division of Investment Management: Electronic Filing for Investment Advisers on IARD
Visit the SEC website for information on IARD.