What must an investment adviser maintain a record of when sending communications to 10 or fewer persons?

When an investment adviser sends communications to 10 or fewer persons, they are required to maintain a record of both the names and addresses of those individuals. This practice is important for compliance and regulatory purposes, as it helps ensure that advisers can be held accountable for their communications and are following the necessary protocols regarding client interactions.

Maintaining records of both names and addresses allows for accurate tracking of communications and can be necessary for verifying that the adviser has provided the required disclosures or that the recipients are the intended target audience. This level of documentation also aligns with the broader regulatory framework that seeks to promote transparency and consumer protection in the investment advisory industry.