{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/aum-thresholds",
 "identifier": "kaal:entity:aum-thresholds",
 "name": "Aum thresholds",
 "termCode": "aum-thresholds",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
 "canonicalForm": "https://wulfkaal.github.io/entities/aum-thresholds.md",
 "sha256": "3af028ab2415c70d85d3c0cb06d585f4971f44be67018302fed5a906fefb9390",
 "additionalProperty": [
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   "@type": "PropertyValue",
   "name": "status",
   "value": "derived"
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   "value": 2
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   "value": [
    "2013",
    "2013"
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2337268-027",
   "identifier": "kaal:claim:2337268-027",
   "text": "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.",
   "abstract": "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",
   "citation": "Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268",
   "datePublished": "2013",
   "claim_type": "condition",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "advisers whose state registrations would reach fifteen or more states"
   ],
   "source_pdf_sha256": "7075ce35282a8ee75b81ae3dec0e19f68631beae7f3c3a00ab2827538dc9e302",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2337268-028",
   "identifier": "kaal:claim:2337268-028",
   "text": "Investment advisers that provide advice exclusively through the Internet may register with the SEC regardless of how much they have under management, so the delivery channel rather than size determines the forum.",
   "abstract": "Regardless of the amount of AUM, investment advisers that provide investment advice exclusively through the Internet may register with the SEC.88",
   "citation": "Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268",
   "datePublished": "2013",
   "claim_type": "condition",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "advisers providing investment advice exclusively through the Internet"
   ],
   "source_pdf_sha256": "7075ce35282a8ee75b81ae3dec0e19f68631beae7f3c3a00ab2827538dc9e302",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'aum-thresholds'. Derived node: a roster, not an adjudicated definition."
}