Final answer:
If an IA has client funds in custody, they must send a Form ADV Part 1A to the SEC and a copy to the client.
Step-by-step explanation:
If an Investment Advisor (IA) has client funds in custody, they are required to send a Form ADV Part 1A to the Securities and Exchange Commission (SEC). This form provides information about the IA's business, including details about custody of client funds. A copy of the Form ADV Part 1A must also be sent to the client.