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On December 2, 2010 the SEC issued a notice indicating its intent to charge revised fees IARD filing fees for investment advisers registering or registered with the SEC.  The revised fees were based on the recommendation of FINRA, which manages the IARD system.  Based on projections of expected revenues and expenses and taking into account an expected reduction in the number of investment advisers registered or reporting to the SEC as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the SEC believes these revised fee levels would be reasonable, as the SEC projects that they will provide adequate funding to cover IARD system expenditures.

 The SEC has issued an order approving the revised fees.  For annual updating amendments to Form ADV filed on or after January 1, 2011, the filing fee due from SEC-registered investment advisers is $40 for advisers with assets under management under $25 million; $150 for investment advisers with assets under management from $25 million to $100 million; and $225 for investment advisers with assets under management of $100 million or higher.  For initial applications to register as an investment adviser with the SEC filed on or after January 1, 2011, the filing fee due from SEC-registered advisers is $40 for advisers with assets under management under $25 million; $150 for advisers with assets under management from $25 million to $100 million; and $225 for advisers with assets under management of $100 million or higher.

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