Form Crs

Series 7 — Form CRS (Customer Relationship Summary) Exam: FINRA Series 7 (General Securities Representative) Last Updated: June 2026 --- ## What Is Form CRS? Form CRS (Customer Relationship Summary) is a standardized disclosure document required by the SEC for both broker-dealers and registered investment advisers (RIAs). It was adopted as part of the Regulation Best Interest package in June 2019 and became effective June 30, 2020. Form CRS is designed to help retail investors understand: - What type of firm they are dealing with (broker-dealer vs. investment adviser) - What services are offered and what they cost - What standard of conduct applies - Whether the firm has disciplinary history - How to get more information The "CRS" designation is also referred to as Form ADV Part 3 when filed by investment advisers, though the content requirements are identical. --- ## Page Limit and Plain Language Requirement | Feature | Requirement | |---|---| | Maximum length — broker-dealer only | 2 pages | | Maximum length — investment adviser only | 2 pages | | Maximum length — dual registrant (both BD + IA) | 4 pages (combined) | | Language standard | Plain English — short sentences, no jargon, active voice | | Format | SEC has provided a template; firms may customize layout within guidelines | | Legibility | Minimum 11-point font; sufficient white space | > Exam Tip: The 2-page limit is a firm requirement. If a firm operates as both a broker-dealer and an investment adviser, they may file a combined Form CRS up to 4 pages total. --- ## When Must Form CRS Be Delivered? | Recipient | Delivery Timing | |---|---| |…