10 Apr 2025
📄SEC Seeks Comments on Proposed Rule 204-3 for Investment Advisers
Proposed Collection; Comment Request; Extension: Rule 204-3
Summary
The SEC is soliciting comments on Rule 204-3, which mandates that investment advisers provide clients with brochures and updates at the start of their advisory relationship and annually thereafter. This rule aims to enhance transparency about advisers' qualifications, practices, and disciplinary history, fostering informed client decisions.
Agencies
- Securities and Exchange Commission
Business Impact
$$ - Med
The text outlines Rule 204-3 under the Investment Advisers Act, imposing mandatory information disclosure requirements on registered investment advisers. This reflects compliance and regulatory obligations with potential consequences for business operations, pointing to increased compliance costs and impacts on client communications.