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 "text": "The division of labor in adviser regulation dates to the 1996 National Securities Markets Improvement Act, under which Congress assigned larger investment advisers to the SEC and smaller advisers to the states.",
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  "name": "Wulf A. Kaal",
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 "citation": "Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268",
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