US Investment Advisers Act of 1940 and SEC Adviser Rules (17 CFR Part 275) 204-5-form-crs: Deliver the Form CRS relationship summary to retail investors at the start of the relationship and on later triggers

What does 204-5-form-crs require?

Rule 204-5 requires an SEC-registered adviser to deliver its Form ADV Part 3 relationship summary to each retail investor before or at the time it enters an advisory contract, to deliver it again before or at the time it opens a new account or recommends a rollover, transfer or new service for which the summary is not already in the investor's hands, within thirty days when a retail investor asks, and to communicate changes within sixty days of an amendment with a note of what changed. The summary must be posted on the adviser's public website and filed on IARD.