The North American Securities Administrators Association ("NASAA") reported that nine more securities firms (thirteen in all) will utilize a model developed by the NASAA Model Fee Disclosure Working Group in order to provide clients with disclosures regarding miscellaneous account and service fees.
NASAA President Mike Rothman applauded firms that have agreed to participate in the initiative:
"This collaborative initiative between regulators and industry helps increase the transparency of fee disclosure for investors. I commend all firms that have taken the initiative to help bring uniformity to the disclosure of broker-dealer service and maintenance-related fees and I encourage the implementation of this sound business practice to others to provide the same level of disclosure to their clients."
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