Compare a draft adviser brochure with the Form ADV Part 2 topics
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- List whether the draft mentions business practices, fees, conflicts of interest and disciplinary information, with the page. Write no brochure sentence and no Form CRS sentence.
- What the lawyer must review
- Investor.gov states that Form ADV Part 2 requires narrative brochures, in plain English, on the adviser's business practices, fees, conflicts of interest and disciplinary information, that the brochure is the primary disclosure document, and that it must be delivered to advisory clients. Part 3, the relationship summary, is for an SEC-registered adviser that offers services to retail investors and covers services, fees and costs, conflicts, the required standard of conduct, and legal and disciplinary history. You write or accept every sentence that is delivered. 15 U.S.C. § 80b-6(1) and (2) make it unlawful for an adviser to employ a device, scheme or artifice to defraud a client or prospective client, or to engage in a transaction, practice or course of business that operates as a fraud or deceit upon a client or prospective client.
- Written for / version
- United States versionUSCth
Who does what
| Role | What they do |
|---|---|
| Assistance | Potential support includes preparing preliminary structure or wording. Confirm the tool’s capability and 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
- Obtain and inspect the relevant current official register or search result. Confirm identities, interests and the date and scope of the search.
- Check the firm’s actual conflict records, including relevant parties and connected entities, and resolve any match through the firm’s process.
- 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.
Forms and precedents for this task
| Form or precedent | Kind | AI use | Summary |
|---|---|---|---|
| Form CRS filing and delivery review checklist | Checklist | AI use Yellow | Review checklist for filing and delivering Form CRS under Rule 17a-14. |
Signed-in accounts can read the full text of each one. All precedents.