Part 2 of Form ADV requires a plain English narrative brochure for prospective advisory customers, making the brochure the primary disclosure document delivered to an adviser's clients.
Source quote, verbatim
Part 2 of Form ADV requires investment advisers to provide a narrative brochure in plain English to prospective advisory customers. The brochure should contain the information set forth in Form ADV Part 2.44
Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268
Holds when
investment advisers registering with the SEC
Classification
designsupport: assertedprivate-fundsdisclosure
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