Investment Adviser Foo Lish, LLC has begun serving as a custodian of its clients’ assets.

Selections II, III, and IV are correct. When Foo Lish begins serving as a custodian of its clients’ assets, it must file an updated Form ADV with the Administrator, meet higher net capital requirements than before, and pay a CPA to do an annual unannounced audit of the firm. The U-5 form is filed when a representative leaves the firm.