# kaal:claim:2337268-027

**Claim.** 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.

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

**Holds when.**

- advisers whose state registrations would reach fifteen or more states

**Source quote.**

> 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, page 17

**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.** multi-state-registration, sec-registration, blue-sky-laws, aum-thresholds

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