# kaal:claim:2337268-012

**Claim.** Where a state does not provide sufficient regulation of mid-sized investment advisers, oversight reverts to the SEC, so state level regulatory gaps trigger a federal backstop rather than leaving advisers unsupervised.

**Type.** condition  **Support.** asserted

**Holds when.**

- mid-sized investment advisers
- states whose regulation is deemed insufficient

**Source quote.**

> Should a particular state not provide sufficient regulation, the SEC will oversee the mid-sized investment adviser.22

**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.** institutional-design

**Keywords.** mid-sized-advisers, state-regulation, federal-backstop, regulatory-gaps

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