Under the current Form ADV Part 2 instructions, what must an investment adviser generally deliver to each client within 120 days after the end of its fiscal year when the brochure has material changes?

1. AEither the updated brochure with a summary of material changes, or the summary with an offer to provide the updated brochure✓ Correct answer
2. BOnly an oral description of the material changes
3. CThe updated brochure only when a client first complains
4. DNothing, because brochure delivery is required only before the advisory contract begins

Reading one answer is not the same as being ready

Lucky the Banker is a free practice app with 1,051+ Series 63 questions, weak-area tracking, and timed mock exams. No credit card, no paywall.

• All of the following statements about an adviser's recordkeeping responsibilities under the Uniform Securities Act are…
• Which brochure-delivery arrangement satisfies the standard NASAA advisory-contract rule?
• Which of the following advisers is LEAST likely to be required to undergo a surprise custody examination?
• An investment adviser in Illinois is granted full discretion over a client’s account but instructs the custodian to…
• A junior banker at William Blair discovers that the investment adviser’s digital client records are stored…
• All of the following records must be maintained for at least five years by a state-registered investment adviser EXCEPT:
• An investment adviser discovers a material disciplinary event that makes its Form ADV disclosure inaccurate. When…
• Which of the following would MOST likely trigger a surprise examination requirement for an investment adviser under…