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Series 63: Regulation of Investment Advisers
Series 63 practice questioneasyForm ADV Part 2 delivery timing

Under current Form ADV Part 2 instructions, when must an adviser generally deliver annual brochure information to an existing client?

  1. AWithin 120 days after fiscal year-end, deliver an updated brochure containing material changes or a summary of material changes with an offer of the updated brochure✓ Correct answer
  2. BEvery month, whether or not information changed
  3. COnly after the SEC orders delivery
  4. DNever after the advisory contract is signed
Explanation

Why AWithin 120 days after fiscal year-end, deliver an updated brochure containing material changes or a summary of material changes with an offer of the updated brochure

Within 120 days after fiscal year-end, an adviser generally must deliver either an updated brochure that includes a summary of material changes or a summary of material changes accompanied by an offer to provide the updated brochure. If there are no material changes, annual delivery may not be required.

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