# kaal:claim:2337268-011

**Claim.** Mid-sized investment advisers, those with between $25 and $100 million AUM, fall to state authorities rather than the SEC, though they may still have to register with the state agency where their principal place of business is located.

**Type.** definitional  **Support.** asserted

**Holds when.**

- advisers with between $25 and $100 million AUM
- under Title IV of the Dodd-Frank Act

**Source quote.**

> Under Title IV, state authorities are responsible for mid- sized investment advisers.20 While mid-sized advisers are not required to register with the SEC, they may still be required to register with the state agency in the state of their principal place of business.21

**From.** Wulf A. Kaal, *Investment Adviser Regulation* (2013), 2. Adviser Categories, page 8

**Cite as.** Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268

**Verify.** sha256 of source PDF `7075ce35282a8ee75b81ae3dec0e19f68631beae7f3c3a00ab2827538dc9e302` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202013%20-%20Investment%20Adviser%20Regulation.pdf

**Topics.** securities-law

**Keywords.** mid-sized-advisers, state-regulation, registration, dodd-frank-title-iv

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