Under the "Brochure" rule of the Investment Advisers Act of 1940, which of these statements is true?

a. The ADV Part II or similar brochure must be offered to existing clients annually.
b. The ADV Part II or similar brochure must be given to existing clients annually.
c. The ADV Part II or similar brochure must be given to existing clients quarterly.
d. The ADV Part II or similar brochure must be given to existing clients semi-annually.

The correct answer is "a" – the brochure must be offered to existing clients once a year, but the IA is not required to send it to clients who decline a copy.

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