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The
Investment Advisers Act of 1940





Section 204 -- Reports by Investment Advisers


Every investment adviser who makes use of the mails or of any means or instrumentality of interstate commerce in connection with his or its business as an investment adviser (other than one specifically exempted from registration pursuant to section 203(b), shall make and keep for prescribed periods such records (as defined in section 3(a)(37) of the Securities Exchange Act of 1934, furnish such copies thereof, and make and disseminate such reports as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of investors. All records (as so defined) of such investment advisers are subject at any time, or from time to time, to such reasonable periodic, special, or other examinations by representatives of the Commission as the Commission deems necessary or appropriate in the public interest or for the protection of investors.

Legislative History


Aug. 22, 1940, ch 686, Title II, § 204, 54 Stat. 852; Sept. 13, 1960, P.L. 86-750, § 6, 74 Stat. 886; June 4, 1975, P.L. 94-29, § 29(5), 89 Stat. 169.

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