kaal:claim:2150377-009

Revised Form ADV requires advisers to report gross rather than net regulatory assets under management and narrows their discretion to include or exclude assets, so the registration threshold becomes harder to manage down through reporting choices.

To increase consistency, revised Form ADV also gives investment advisers less room to exercise discretion in counting or excluding assets from RAUM.115

Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012), 1. Registration
https://ssrn.com/abstract=2150377 · source PDF

Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012). SSRN: https://ssrn.com/abstract=2150377

• advisers filing the November 2011 revised Form ADV

designsupport: evidencedprivate-fundsdisclosuresecurities-law

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