kaal:claim:1428387-018

State de minimis investment adviser registration exemptions can be an attractive alternative to federal law for hedge fund managers, especially in a fund's start-up phase, because state registration would require an ADV filing and significant transaction costs the manager wants to avoid.

Source quote, verbatim

Accordingly, certain state de minimis investment adviser registration exemptions for investors could be an attractive alternative to federal laws for hedge fund manager, especially in the start-up phase of a hedge fund.

From

Kaal, Hedge Fund Valuation Retailization, Regulation, and Investor Suitability (2009), IV.B.1 U.S. Blue Sky Law Exemptions for Investment Advisors, p. 34
https://ssrn.com/abstract=1428387 · source PDF

Cite as

Kaal, Hedge Fund Valuation Retailization, Regulation, and Investor Suitability (2009). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1428387

Holds when

start-up phase of a hedge fund
where investors reside in states with de minimis exemptions

Classification

mechanismsupport: arguedsecurities-laweconomics

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