Ala. Admin. Code r. 830-X-3-.17

Current through Register Vol. 43, No. 1, October 31, 2024

Section 830-X-3-.17 - Disclosure Requirements For Investment Advisers

(1) A copy of Part II of Form ADV must be given to clients of investment advisers, or a brochure containing such information may be utilized.

(2) The investment adviser or its registered representatives shall deliver the disclosure information required by this section to an advisory client or prospective advisory client:

(a) Not less than 48 hours prior to entering into any investment advisory contract with such client or prospective client, or

(b) At the time of entering into any such contract, if the advisory client has a right to terminate the contract without penalty within five calendar days after entering into the contract.

(3) A copy of Part II of Form ADV or the brochure to be given to clients must be filed with the Commission not later than the time of its use.

(4) If an investment adviser renders substantially different types of investment advisory services to different advisory clients, any information required by Part II of Form ADV may be omitted from the statement furnished to an advisory client or prospective advisory client if such information is applicable only to a type of investment advisory service or fee which is not rendered or charged, or proposed to be rendered or charged to that client or prospective client.

Author:

Ala. Admin. Code r. 830-X-3-.17

Filed September 28, 1990.

Statutory Authority:Code of Ala. 1975, § 8-6-23.