kaal:claim:2337268-027

An adviser that would otherwise have to register in fifteen or more states because of the $100 million AUM threshold may register directly with the SEC instead, so multi-state registration burden operates as an escape hatch to federal oversight.

Source quote, verbatim

However, should the $100 million AUM threshold result in an adviser's registration with fifteen or more states, the adviser is allowed to register directly with the SEC.86

From

Wulf A. Kaal, Investment Adviser Regulation (2013), 5. Blue Sky Laws, p. 17
https://ssrn.com/abstract=2337268 · source PDF

Cite as

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

Holds when

advisers whose state registrations would reach fifteen or more states

Classification

conditionsupport: assertedsecurities-law

Verify

The quote above is an exact substring of the source PDF, whose sha256 is 7075ce35282a8ee75b81ae3dec0e19f68631beae7f3c3a00ab2827538dc9e302. Extraction method: pdf-text-layer.
Attestation record: colloquium/attestations/53208ef2f1e95628...json
Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/2337268-027.md | sha256sum