The discussion on pages 168-173 in Weinberg vol III looks to exclude rigid N=3 supersymmetric QFTs in 4d, at least those which are renormalisable and with a lagrangian description.
The first step is to note that, in order to identify the CPT-self-conjugate N=4 supermultiplet with the N=3 supermultiplet plus its CPT-conjugate, one must assume that all fields in both supermultiplets are valued in the adjoint representation of the gauge group. In N=1 language, the basic constituents in both supermultiplets are one gauge and three chiral supermultiplets, all adjoint-valued. The three chiral supermultiplets must transform as a triplet under the su(3) part of the u(3) R-symmetry of the N=3 superalgebra.
Any renormalisable lagrangian field theory in 4d that has a rigid N≥2 supersymmetry must take the form given by (27.9.33) in Weinberg. This just corresponds to the generic on-shell coupling of rigid N=2 vector and hyper multiplets, with renormalisable N=2 superpotential (27.9.29). For N>2, vector and hyper multiplets must both transform in the adjoint representation of the gauge group. (N=2 requires only that the hypermultiplet transforms in a real representation of the gauge group, i.e. a "non-chiral" representation in N=1 language.) Putting in this assumption, the N>2 case is easily deduced using Weinberg's analysis below (27.9.34). All terms except those in the last two lines of (27.9.33) assemble into precisely the N=4 supersymmetric Yang--Mills lagrangian. The remaining terms in the last two lines of (27.9.33) depend on a matrix μ which defines the quadratic term in the superpotential. As Weinberg argues, N=4 occurs only if these terms all vanish identically (e.g. if μ=0). Whence N=3 can occur only if the terms in the last two lines of (27.9.33) are non-vanishing and N=3 supersymmetric on their own. This would require them to be invariant under the u(3) R-symmetry of the N=3 superalgebra. However, only two of the three chiral superfields (coming from the hypermultiplet) appear in the μ-dependent terms. Since the three chiral supermultiplets must transform as an su(3) triplet under the R-symmetry, it is clearly impossible for the last two lines in (27.9.33) to be u(3)-invariant unless they vanish identically. Whence, N>2 implies N=4 in this context.
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