Rule 204-3 requires an adviser to give each client the Form ADV Part 2A brochure, and the Part 2B brochure supplements for the supervised persons who advise that client, before or at the time the advisory contract is entered into. Each year, within one hundred twenty days of fiscal year end, the adviser must deliver either the updated brochure with a summary of material changes or the summary alone with an offer to supply the full brochure without charge. Interim amendments must be delivered when the disciplinary information in the brochure changes materially. Clients that are registered investment companies or that receive only impersonal advice for under five hundred dollars a year are excused, and wrap fee programme clients receive the wrap brochure instead.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.