# kaal:claim:2150377-009

**Claim.** 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.

**Type.** design  **Support.** evidenced

**Holds when.**

- advisers filing the November 2011 revised Form ADV

**Source quote.**

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

**From.** Wulf A. Kaal, *Hedge Fund Manager Registration Under the Dodd-Frank Act* (2012), 1. Registration

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

**Verify.** sha256 of source PDF `0b58bb409cac7674d78515f5374096f9a349de3bbd1983c990e0edc85a635a09` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202012%20-%20Hedge%20Fund%20Manager%20Registration%20Under%20the%20Dodd-Frank%20Act.pdf

**Topics.** private-funds, disclosure, securities-law

**Keywords.** form-adv, raum, assets-under-management, reporting-discretion, registration-threshold

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