Question

Under the provisions of the Investment Advisers Act of 1940, if an adviser takes custody of customer funds or securities, account statements MUST be sent to the customer:

Answer 1

Quarterly

Step-by-step explanation:

According to the provisions of the Investment Advisers Act of 1940, in the case when an advisor takes the customer custody in term of funds or securities so the account statement must be sent to the customer on the a quarterly basis i.e. four times in a year. Here four times means every three months

therefore as per the given situation, the quarterly is the answer