02.02.05.05

.05 Information to be Furnished to Clients ("Brochure Rule").

A. Unless otherwise provided in this regulation, an investment adviser may fulfill the disclosure requirements of the Maryland Securities Act, Corporations and Associations Article, §§11-302(d) and 11-411(b), Annotated Code of Maryland, by complying with the provisions of §204 of the Investment Advisers Act of 1940 and the rules, regulations, and interpretive releases promulgated under it with respect to Form ADV. Taken together, these requirements may be known as the "brochure rule".

B. As provided in the Maryland Securities Act, Corporations and Associations Article, §§11-302(d) and 11-411(b), Annotated Code of Maryland, the Commissioner may impose on an investment adviser, or a class or group of investment advisers, requirements relating to the disclosure of information to clients that are in addition to those set forth in §A of this regulation. These additional requirements may be imposed as appropriate in the public interest or for the protection of investors and clients.

C. Nothing in this regulation shall relieve an investment adviser from any obligations under any other provision of the Maryland Securities Act, Corporations and Associations Article, Title 11, Annotated Code of Maryland, or a regulation or order promulgated under it, or any other state or federal law, rule, or regulation that requires the disclosure of information to clients or prospective clients not specifically required by this regulation.