Rule 204-3, Delivery of brochures and brochure supplements

Rule 204-3 under the Investment Advisers Act of 1940 (17 CFR 275.204-3) requires SEC-registered investment advisers to deliver written disclosure statements ("brochures and brochure supplements") to clients and prospective clients containing specified information about the adviser's background, business practices, services, fees, and key supervised personnel. The SEC needs this information collection to ensure investors receive information necessary to make informed decisions about retaining or continuing to employ investment advisers, while the SEC uses the disclosed information in its enforcement, regulatory, and examination programs to monitor adviser compliance and protect investors. Respondents are SEC-registered investment advisers who must deliver current brochures before or when entering into advisory contracts, provide annual updates when there are material changes, deliver brochure supplements for key supervised personnel, and promptly notify clients of disciplinary information changes. This collection fulfills a disclosure requirement where investment advisers provide the brochures and supplements directly to their clients and prospective clients. The brochure is filed with the SEC electronically on IARD, but the brochure supplements are not. The SEC reviews these disclosure documents during examinations to assess compliance with investor protection requirements.

The latest form for Rule 204-3, Delivery of brochures and brochure supplements expires 2028-08-31 and can be found here.