Rule 204-5 under the Investment Advisers Act of 1940

Rule 204-5 (17 CFR 275.204-5) under the Investment Advisers Act requires registered investment advisers to provide a brief relationship summary to retail investors to inform them about certain aspects of the relationships and services the firm offers (the “relationship summary”). Rule 204-5 includes a third-party disclosure requirement that an investment adviser deliver an electronic or paper version of the relationship summary to each retail investor before or at the time the adviser enters into an investment advisory contract with the retail investor. Retail investors can use this information to determine whether to hire or retain an investment adviser, as well as what types of accounts and services are appropriate for their needs. The Commission also will use the information to manage its regulatory and examination programs.

The latest form for Rule 204-5 under the Investment Advisers Act of 1940 expires 2029-02-28 and can be found here.