# 17 CFR Part 275 — Rules and Regulations, Investment Advisers Act of 1940 (SEC) [eCFR point-in-time] URL: https://consilena.com/coverage/laws/ksrc_hk3rspj9eabzepgn - Jurisdiction: United States - Type: Regulation - Identifier: /us/cfr/t17/pt275 - Current as of: 1 July 2026 - Provisions: 37 - Official text: https://www.ecfr.gov/api/versioner/v1/full/2026-07-01/title-17.xml?part=275 > The library is a research copy. Check the official source before relying on a provision: the text published there, not the copy in Consilena, is the law. ## Provisions - **§ 275.0-7 Small entities under the Investment Advisers Act for purposes of the Regulatory Flexibility Act.**: (a) For purposes of Commission rulemaking in… - **§ 275.203(m)-1 Private fund adviser exemption.**: (a) United States investment advisers. For purposes of section 203(m) of the Act (15 U.S.C. 80b-3(m)), an… - **§ 275.202(a)(30)-1 Foreign private advisers.**: (a) Client. You may deem the following to be a single client for purposes of section 202(a) (30) of the Act (15… - **§ 275.204-3 Delivery of brochures and brochure supplements.**: (a) General requirements. If you are registered under the Act as an investment adviser, you must… - **§ 275.204-2 Books and records to be maintained by investment advisers.**: (a) Every investment adviser registered or required to be registered under section 203… - **§ 275.204(b)-1 Reporting by investment advisers to private funds.**: (a) Reporting by investment advisers to private funds on Form PF. If you are an investment… - **§ 275.203-2 Withdrawal from investment adviser registration.**: (a) Form ADV-W. You must file Form ADV-W (17 CFR 279.2) to withdraw from investment adviser… - **§ 275.203A-2 Exemptions from prohibition on Commission registration.**: The prohibition of section 203A(a) of the Act (15 U.S.C. 80b-3a(a)) does not apply to: (a)… - **§ 275.0-6 Incorporation by reference in applications.**: (a) Exhibits. Any document or part thereof, including any financial statement or part thereof, filed with… - **§ 275.206(3)-2 Agency cross transactions for advisory clients.**: (a) An investment adviser, or a person registered as a broker-dealer under section 15 of the… - **§ 275.222-2 Definition of “client” for purposes of the national de minimis standard.**: For purposes of section 222(d)(2) of the Act (15 U.S.C. 80b-18a(d)(2)), an… - **§ 275.206(4)-5 Political contributions by certain investment advisers.**: (a) Prohibitions. As a means reasonably designed to prevent fraudulent, deceptive or… - **§ 275.202(a)(1)-1 Certain transactions not deemed assignments.**: A transaction which does not result in a change of actual control or management of an investment… - **§ 275.206(3)-1 Exemption of investment advisers registered as broker-dealers in connection with the provision of certain investment advisory services.**: (a) An… - **§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers.**: (a) General. The provisions of section 205(a) (1) of the… - **§ 275.202(a)(11)(G)-1 Family offices.**: (a) Exclusion. A family office, as defined in this section, shall not be considered to be an investment adviser for… - **§ 275.222-1 Definitions.**: For purposes of section 222 (15 U.S.C. 80b-18a) of the Act: (a) Place of business. “Place of business” of an investment adviser means… - **§ 275.205-2 Definition of “specified period” over which the asset value of the company or fund under management is averaged.**: (a) For purposes of this rule: (1)… - **§ 275.0-5 Procedure with respect to applications and other matters.**: The procedure hereinbelow set forth will be followed with respect to any proceeding… - **§ 275.0-2 General procedures for serving non-residents.**: (a) General procedures for serving process, pleadings, or other papers on non-resident investment… - **§ 275.206(4)-7 Compliance procedures and practices.**: If you are an investment adviser registered or required to be registered under section 203 of the… - **§ 275.204-4 Reporting by exempt reporting advisers.**: (a) Exempt reporting advisers. If you are an investment adviser relying on the exemption from registering… - **§ 275.203-3 Hardship exemptions.**: This section provides two “hardship exemptions” from the requirement to make Advisers Act filings electronically with the… - **§ 275.0-3 References to rules and regulations.**: The term rules and regulations refers to all rules and regulations adopted by the Commission pursuant to the… - **§ 275.204-1 Amendments to Form ADV.**: (a) When amendment is required. You must amend your Form ADV (17 CFR 279.1): (1) Parts 1 and 2: (i) At least annually… - **§ 275.206(4)-8 Pooled investment vehicles.**: (a) Prohibition. It shall constitute a fraudulent, deceptive, or manipulative act, practice, or course of business… - **§ 275.203A-1 Eligibility for SEC registration; Switching to or from SEC registration.**: (a) Eligibility for SEC registration of mid-sized investment advisers. If… - **§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.**: (a) Safekeeping required. If you are an investment adviser registered or… - **§ 275.203(l)-1 Venture capital fund defined.**: (a) Venture capital fund defined. For purposes of section 203(l) of the Act (15 U.S.C. 80b-3(l)), a venture… - **§ 275.203A-3 Definitions.**: For purposes of section 203A of the Act (15 U.S.C. 80b-3a) and the rules thereunder: (a) (1) Investment adviser representative… - **§ 275.204-5 Delivery of Form CRS.**: (a) General requirements. If you are registered under the Act as an investment adviser, you must deliver Form CRS, required… - **§ 275.203-1 Application for investment adviser registration.**: (a) Form ADV. (1) To apply for registration with the Commission as an investment adviser, you must… - **§ 275.0-4 General requirements of papers and applications.**: (a) Filings. (1) All papers required to be filed with the Commission shall, unless otherwise… - **§ 275.204A-1 Investment adviser codes of ethics.**: (a) Adoption of code of ethics. If you are an investment adviser registered or required to be registered under… - **§ 275.206(4)-1 Investment adviser marketing.**: As a means reasonably designed to prevent fraudulent, deceptive, or manipulative acts, practices, or courses of… - **§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices.**: (a)… - **§ 275.206(4)-6 Proxy voting.**: If you are an investment adviser registered or required to be registered under section 203 of the Act (15 U.S.C. 80b-3), it is a… - **§ 275.203A-3 Definitions.**: (2) Any other location that is held out to the general public as a location at which the investment adviser representative provides… - **§ 275.203(l)-1 Venture capital fund defined.**: (3) Does not borrow, issue debt obligations, provide guarantees or otherwise incur leverage, in excess of 15… - **§ 275.202(a)(30)-1 Foreign private advisers.**: (2) You are not required to count an owner as a client solely because you, on behalf of the legal organization… - **§ 275.204-5 Delivery of Form CRS.**: (5) Deliver a current Form CRS to each retail investor within 30 days upon request. (c) Other disclosure obligations… - **§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers.**: (1) Registered investment advisers. If a registered… - **§ 275.204-1 Amendments to Form ADV.**: (2) If you have received a continuing hardship exemption under § 275.203-3, you must, when you are required to amend your… - **§ 275.203-1 Application for investment adviser registration.**: (2)(i) On or after June 30, 2020, the Commission will not accept any initial application for… - **§ 275.206(3)-2 Agency cross transactions for advisory clients.**: (2) The investment adviser, or any other person relying on this rule, sends to each such client… - **§ 275.206(4)-5 Political contributions by certain investment advisers.**: (3)), or that is an exempt reporting adviser, or any of the investment adviser's covered… - **§ 275.204-3 Delivery of brochures and brochure supplements.**: (3) Deliver to each client or prospective client a current brochure supplement for a supervised… - **§ 275.204(b)-1 Reporting by investment advisers to private funds.**: Form PF filing system, and thus will not be considered filed with the Commission, until you… - **§ 275.203A-1 Eligibility for SEC registration; Switching to or from SEC registration.**: (2) SEC-registered advisers—switching to State registration. If you are… - **§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.**: (3) Account statements to clients. You have a reasonable basis, after due… - **§ 275.202(a)(11)(G)-1 Family offices.**: (2) Any company owned exclusively and controlled by one or more family members; or (3) Any investment adviser registered… - **§ 275.0-4 General requirements of papers and applications.**: (3): Each year the IARD shuts down to filers for several days during the end of December to process… - **§ 275.204-2 Books and records to be maintained by investment advisers.**: (7) Originals of all written communications received and copies of all written… - **§ 275.204-4 Reporting by exempt reporting advisers.**: (2) Application procedures. To request a temporary hardship exemption, you must: (i) File Form ADV-H (17… - **§ 275.204A-1 Investment adviser codes of ethics.**: (1) Holdings reports. The code of ethics must require your access persons to submit to your chief compliance… - **§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices.**: (2) The… - **§ 275.0-7 Small entities under the Investment Advisers Act for purposes of the Regulatory Flexibility Act.**: (1) Control means the power, directly or indirectly… - **§ 275.206(4)-1 Investment adviser marketing.**: (7) Otherwise be materially misleading. (b) Testimonials and endorsements. An advertisement may not include any… - **§ 275.206(3)-1 Exemption of investment advisers registered as broker-dealers in connection with the provision of certain investment advisory services.**: (4) any… - **§ 275.203-3 Hardship exemptions.**: (3) Effective date—upon approval. You are not exempt from the electronic filing requirements until and unless the Commission… - **§ 275.203A-2 Exemptions from prohibition on Commission registration.**: (3) In determining the aggregate value of assets of plans, include only that portion of a… - **§ 275.0-2 General procedures for serving non-residents.**: (2) Non-resident means: (i) An individual who resides in any place not subject to the jurisdiction of… - **§ 275.203(m)-1 Private fund adviser exemption.**: (7) of the Act (15 U.S.C. 80b- 3(b) (7)) (other than an entity that has elected to be regulated or is regulated… - **§ 275.206(4)-1 Investment adviser marketing.**: (2) Adviser oversight and compliance. The investment adviser must have: (i) A reasonable basis for believing that… - **§ 275.203A-2 Exemptions from prohibition on Commission registration.**: (1) Immediately before it registers with the Commission, is not registered or required to… - **§ 275.203-1 Application for investment adviser registration.**: (1)), of any investment adviser registered, or applying for registration with, the Commission must… - **§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers.**: (2) of this section, a transfer of an equity ownership… - **§ 275.204-1 Amendments to Form ADV.**: 2020. Note 1 to paragraphs (e): This note applies to paragraphs (a), (b), and (e) of this section. Information on how to… - **§ 275.202(a)(30)-1 Foreign private advisers.**: (2) Investor means: (i) Any person who would be included in determining the number of beneficial owners of the… - **§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices.**: 33. 2 Id. See… - **§ 275.204-3 Delivery of brochures and brochure supplements.**: (1) You are not required to deliver a brochure to a client: (i) That is an investment company… - **§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.**: (4) of this section, stating that it has examined the funds and securities and… - **§ 275.203(l)-1 Venture capital fund defined.**: (3) Does not sell any securities to (including accepting any committed capital from) any person after July 21… - **§ 275.204-2 Books and records to be maintained by investment advisers.**: (1) of this chapter) offering any report, analysis, publication or other investment… - **§ 275.204A-1 Investment adviser codes of ethics.**: (2) Transaction reports. The code of ethics must require access persons to submit to your chief compliance… - **§ 275.203(m)-1 Private fund adviser exemption.**: (7) of that Act (15 U.S.C. 80a-3(c) (1) or 15 U.S.C. 80a-3(c) (7)), provided that the investment adviser treats… - **§ 275.204(b)-1 Reporting by investment advisers to private funds.**: (1) Assets under management means the regulatory assets under management as determined under… - **§ 275.0-4 General requirements of papers and applications.**: (1) Every application for an order under any provision of the Act, for which a form with… - **§ 275.206(4)-5 Political contributions by certain investment advisers.**: (1) of this section shall not apply to an investment adviser as a result of a… - **§ 275.206(3)-2 Agency cross transactions for advisory clients.**: (3) The investment adviser, or any other person relying in this rule, sends to each such client… - **§ 275.202(a)(11)(G)-1 Family offices.**: (3) Executive officer means the president, any vice president in charge of a principal business unit, division or… - **§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices.**: quarter ended… - **§ 275.206(4)-1 Investment adviser marketing.**: (2)(ii) of this section, provided that the affiliation between the investment adviser and such person is readily… - **§ 275.204-2 Books and records to be maintained by investment advisers.**: (1) of this chapter; and (B) Notice, circular, newspaper article, investment letter… - **§ 275.206(3)-2 Agency cross transactions for advisory clients.**: (5) No such transaction is effected in which the same investment adviser or an investment… - **§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers.**: (2) Indebtedness secured by the person's primary… - **§ 275.202(a)(30)-1 Foreign private advisers.**: (3)(i): A person who is in the United States may be treated as not being in the United States if such person was… - **§ 275.204A-1 Investment adviser codes of ethics.**: (3) Exceptions from reporting requirements. Your code of ethics need not require an access person to submit… - **§ 275.203(l)-1 Venture capital fund defined.**: (4) Qualifying portfolio company means any company that: (i) At the time of any investment by the private fund, is… - **§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.**: (6) Investment advisers acting as qualified custodians. If you maintain, or if… - **§ 275.0-4 General requirements of papers and applications.**: (3) When any such application or amendment is signed by an agent or attorney, the power of attorney… - **§ 275.204-3 Delivery of brochures and brochure supplements.**: (2) You do not have to deliver a wrap fee program brochure if another sponsor of the wrap fee… - **§ 275.206(4)-5 Political contributions by certain investment advisers.**: (3)(i) of this section more than once with respect to contributions by the same covered… - **§ 275.203A-2 Exemptions from prohibition on Commission registration.**: (2) Elects to rely on paragraph (d) of this section by: (i) Indicating on Schedule D of… - **§ 275.202(a)(11)(G)-1 Family offices.**: (4)(iv) of this section, former key employee; (vii) Any irrevocable trust in which one or more other family clients are… - **§ 275.204A-1 Investment adviser codes of ethics.**: (1) Access person means: (i) Any of your supervised persons: (A) Who has access to nonpublic information… - **§ 275.203(l)-1 Venture capital fund defined.**: (7)(i) of this chapter, U.S. Treasuries with a remaining maturity of 60 days or less, and shares of an open-end… - **§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers.**: (5) of the Act (15 U.S.C. 80b-2(a) (5)), but does not… - **§ 275.202(a)(11)(G)-1 Family offices.**: (6) Family member means all lineal descendants (including by adoption, stepchildren, foster children, and individuals… - **§ 275.204-3 Delivery of brochures and brochure supplements.**: (3) Sponsor of a wrap fee program means an investment adviser that is compensated under a wrap fee… - **§ 275.0-4 General requirements of papers and applications.**: application shall contain the name and address of each applicant and the name and address of any… - **§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices.**: 3. Change in… - **§ 275.206(4)-1 Investment adviser marketing.**: (1) Has a reasonable basis for believing that any questionnaire or survey used in the preparation of the… - **§ 275.203A-2 Exemptions from prohibition on Commission registration.**: (3) Maintains in an easily accessible place a record of the States in which the investment… - **§ 275.204-2 Books and records to be maintained by investment advisers.**: (3)(iii) of that section in lieu of such reports; (ii) A record of the names of persons… - **§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.**: (7) Independent representatives. A client may designate an independent… - **§ 275.206(4)-5 Political contributions by certain investment advisers.**: (2) Whether the investment adviser: (i) Before the contribution resulting in the… - **§ 275.204-2 Books and records to be maintained by investment advisers.**: (14)(i) A copy of each brochure, brochure supplement and Form CRS, and each amendment or… - **§ 275.205-1 Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices.**: 30. Dividend… - **§ 275.206(4)-1 Investment adviser marketing.**: (3) Any statement, express or implied, that the calculation or presentation of performance results in the… - **§ 275.206(4)-5 Political contributions by certain investment advisers.**: (2) Covered associate of an investment adviser means: (i) Any general partner, managing… - **§ 275.204A-1 Investment adviser codes of ethics.**: (1999), any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act (31 U.S.C… - **§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.**: (4) of this section, you are not required to obtain an independent… - **§ 275.205-3 Exemption from the compensation prohibition of section 205(a)(1) for investment advisers.**: (2) For the dollar amount in paragraph (d) (1)(i) of this… - **§ 275.203A-2 Exemptions from prohibition on Commission registration.**: (2) For purposes of this paragraph (e), “operational interactive website” means a website… - **§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.**: (5) Registered investment companies. You are not required to comply with this… - **§ 275.204-2 Books and records to be maintained by investment advisers.**: (1)(ii) and (iii) of this chapter; (ii) Documentation substantiating the adviser's… - **§ 275.206(4)-5 Political contributions by certain investment advisers.**: (5) Government entity means any State or political subdivision of a State, including… - **§ 275.206(4)-1 Investment adviser marketing.**: (7) Any predecessor performance unless: (i) The person or persons who were primarily responsible for achieving the… - **§ 275.204A-1 Investment adviser codes of ethics.**: (10) Reportable security means a security as defined in section 202(a) (18) of the Act (15 U.S.C. 80b-2(a)… - **§ 275.204-2 Books and records to be maintained by investment advisers.**: (6) of this chapter; provided, however, that, with respect to the performance of managed… - **§ 275.206(4)-5 Political contributions by certain investment advisers.**: (8) Plan or program of a government entity means any participant-directed investment… - **§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.**: (1) Control means the power, directly or indirectly, to direct the management… - **§ 275.206(4)-1 Investment adviser marketing.**: (1) In response to an unsolicited request for such information from a prospective or current client or investor in… - **§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.**: (2) Custody means holding, directly or indirectly, client funds or securities… - **§ 275.204-2 Books and records to be maintained by investment advisers.**: (4)-5 containing a list or other record of: (A) The names, titles and business and… - **§ 275.206(4)-1 Investment adviser marketing.**: (9) of section 203(e) of the Act, or by the U.S. Commodity Futures Trading Commission or a self-regulatory… - **§ 275.206(4)-5 Political contributions by certain investment advisers.**: (5)), that is registered with the Commission, and is a member of a national securities… - **§ 275.204-2 Books and records to be maintained by investment advisers.**: (18)(i)(A) and (C) of this section if it provides investment advisory services to a… - **§ 275.206(4)-1 Investment adviser marketing.**: (1) The person is in compliance with the terms of the order or opinion, including, but not limited to, the payment… - **§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.**: (4) Independent representative means a person that: (i) Acts as agent for an… - **§ 275.206(4)-1 Investment adviser marketing.**: (8) Hypothetical performance means performance results that were not actually achieved by any portfolio of the… - **§ 275.204-2 Books and records to be maintained by investment advisers.**: (2) of this chapter. (b) If an investment adviser subject to paragraph (a) of this… - **§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.**: (6) of this section, a related person is presumed not to be operationally… - **§ 275.204-2 Books and records to be maintained by investment advisers.**: (1) Every investment adviser subject to paragraph (a) of this section who renders any… - **§ 275.206(4)-1 Investment adviser marketing.**: (9) Ineligible person means a person who is subject to a disqualifying Commission action or is subject to any… - **§ 275.206(4)-2 Custody of funds or securities of clients by investment advisers.**: (1)), holding the client assets in customer accounts; (iii) A futures… - **§ 275.206(4)-1 Investment adviser marketing.**: (11) Portfolio means a group of investments managed by the investment adviser. A portfolio may be an account or a… - **§ 275.204-2 Books and records to be maintained by investment advisers.**: (4)-6. (ii) A copy of each proxy statement that the investment adviser receives… - **§ 275.206(4)-1 Investment adviser marketing.**: (18) Third-party rating means a rating or ranking of an investment adviser provided by a person who is not a… - **§ 275.204-2 Books and records to be maintained by investment advisers.**: is indicated by numerical or alphabetical code or some similar designation. (e) (1) All… --- Consilena is a software provider, not a law firm. AI output is not legal advice: consult a licensed lawyer in the relevant jurisdiction. Page: https://consilena.com/coverage/laws/ksrc_hk3rspj9eabzepgn. Index of every page: https://consilena.com/llms.txt.