"an investment adviser representative obtains a list of all 263 members of the local kiwanis club and sends a coupon to 52 leads on the list, along with a letter, offering a 20% discount on services to new clients that are club members. aside from retaining a copy of the letter, under the provisions of the investment advisers act of 1940, the investment adviser must keep: "

In addition to retaining a copy of the letter, the investment adviser mus also keep a memorandum describing the list and the source of the list as per the investment advisers act of 1940

So, the answer is "a memorandum describing the list and the source of the list"

it is a i took the test.

the definition of a small business is an independently owned and operated company that is limited in size and in revenue depending on the industry. a local bakery that employs 10 people is an example of a small business. a manufacturing facility that employees less than 500 people is an example of a small business.