Because Title IV's registration exemptions are broad enough to threaten the rule they qualify, the Dodd-Frank Act deliberately gives the SEC rulemaking authority to keep the exemptions from swallowing the rules.
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The Dodd-Frank Act also empowers the SEC to utilize its rulemaking authority to prevent the exemptions from registration to "swallow the rules."100
supported_bykaal:claim:2337268-015 The pre Dodd-Frank exemption for advisers with fewer than fifteen clients failed as a regulatory boundary beca...
supported_bykaal:claim:2389416-029 The Dodd-Frank Act registration threshold creates incentives strong enough that some advisers opt out of regis...
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