Record when the adviser brochure was delivered
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- From the advisory file, record the date the current brochure was delivered and the date the investment advisory contract was entered. Record the fiscal year end, whether the file describes material changes since the last annual updating amendment, and the date of any annual delivery. Record the date a brochure supplement was delivered for a supervised person and the date that person began to provide advisory services. Do not decide that an exception applies.
- What the lawyer must review
- The lawyer applies 17 CFR 275.204-3. An investment adviser registered under the Advisers Act must deliver a brochure and one or more brochure supplements containing all information required by Part 2 of Form ADV. The current brochure is delivered to a client or prospective client before or at the time the adviser enters into an investment advisory contract with that client. Annually, within 120 days after the end of the adviser's fiscal year and without charge, if there are material changes since the last annual updating amendment, the adviser delivers a current brochure, or the summary of material changes required by Item 2 of Form ADV Part 2A that offers to provide the current brochure without charge, with the website and email address if available, a telephone number, and the IAPD website address. A current brochure supplement for a supervised person is delivered before or at the time that supervised person begins to provide advisory services to the client, with the team rule for more than five supervised persons. If an amended brochure or supplement adds disclosure of an event, or materially revises information already disclosed about an event, in response to Item 9 of Part 2A or Item 3 of Part 2B, the adviser delivers promptly the amended brochure or supplement with a statement of the material facts, or a statement of those facts. Paragraph (c) states exceptions, including a client that is a registered investment company or a business development company if the advisory contract meets section 15(c) of the Investment Company Act. The eCFR page states the same 120-day annual delivery. Delivering the brochure does not relieve other disclosure obligations.
- Written for / version
- United States versionUS
Who does what
| Role | What they do |
|---|---|
| Assistance | Do not begin AI assistance until the responsible lawyer has defined and confirmed its permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Review operative clauses in the complete document, including definitions, cross-references, schedules and inconsistencies with the instructions.
- Obtain and inspect the relevant current official register or search result. Confirm identities, interests and the date and scope of the search.
- Verify the applicable jurisdiction and the version of each relevant law, rule or instrument in force at the material time.
- Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
- Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.