Rule 204-1 requires every registered adviser and every exempt reporting adviser to file the yearly Form ADV update on IARD within ninety days after the end of its fiscal year, and to file an other-than-annual amendment promptly whenever information in Part 1A or 1B or in the Part 2A brochure becomes materially inaccurate in the respects the form instructions specify. The firm must also keep the filed form consistent with its actual business: regulatory assets under management, custody answers, disciplinary history, related persons and the Part 2A narrative all change over the year and are the items examiners compare against reality.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.