# Registration threshold

`kaal:entity:registration-threshold`

**Status.** derived

This node is assembled mechanically from the 8 claims that carry the concept tag `registration-threshold`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

8 claims across 7 works, 2012 to 2017.

**2012**

- [2150377-007](https://wulfkaal.github.io/claims/2150377-007) [definitional/evidenced] -- Under the Private Fund Investment Advisers Registration Act, hedge funds with more than $150 million in assets under management must register as investment advisers and disclose information about their trades and portfolios to the SEC, making assets under management the operative trigger for the regime.
  > Under the PFIARA, hedge funds with more than $150 million assets under management (AUM) are required to register as investment advisers and have to disclose information about their trades and portfolios to the SEC.81
  Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012). SSRN: https://ssrn.com/abstract=2150377
- [2150377-009](https://wulfkaal.github.io/claims/2150377-009) [design/evidenced] -- Revised Form ADV requires advisers to report gross rather than net regulatory assets under management and narrows their discretion to include or exclude assets, so the registration threshold becomes harder to manage down through reporting choices.
  > To increase consistency, revised Form ADV also gives investment advisers less room to exercise discretion in counting or excluding assets from RAUM.115
  Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012). SSRN: https://ssrn.com/abstract=2150377

**2013**

- [2337268-017](https://wulfkaal.github.io/claims/2337268-017) [mechanism/argued] -- The Title IV threshold registration requirement pulls a majority of the hedge fund advisers who had previously relied on the fewer than fifteen clients exemption into SEC registration.
  > The threshold registration requirement for private fund advisers under Title IV of the Dodd-Frank Act requires a majority of hedge fund advisers who had previously relied on the fewer than fifteen clients exemption31 to register with the SEC.
  Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268

**2014**

- [2389423-028](https://wulfkaal.github.io/claims/2389423-028) [empirical/evidenced] -- The clear majority of respondents prefer an asset size above the $150 million AUM registration threshold after the enactment of Title IV, indicating that advisers respond to the threshold by growing past it rather than staying below it.
  > The clear majority of respondents prefer an assets size above the registration threshold of $150 million AUM.
  Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423

**2016**

- [2714974-007](https://wulfkaal.github.io/claims/2714974-007) [definitional/asserted] -- Under Title IV of the Dodd-Frank Act, hedge funds with more than $150 million in assets under management must register as investment advisers and disclose information about their trades and portfolios to the SEC.
  > Under PFIARA, hedge funds with more than $150 million AUM must register as investment advisers and disclose information about their trades and portfolios to the SEC.
  Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974
- [2732915-009](https://wulfkaal.github.io/claims/2732915-009) [definitional/asserted] -- Title IV requires private fund advisers with more than $150 million in assets under management to register with the SEC as investment advisers.
  > Title IV requires private fund advisers with more than $150 million assets under management (AUM) to register with the SEC as investment advisers.
  Wulf A. Kaal, The Private Fund Industry Five Years after the Dodd-Frank Act – A Survey Study (2016). SSRN: https://ssrn.com/abstract=2732915
- [2816408-012](https://wulfkaal.github.io/claims/2816408-012) [definitional/asserted] -- Title IV exempts private fund advisers with less than $150 million assets under management from registration, and requires the SEC to weigh investment strategy, size, and governance in determining the systemic risk of private funds.
  > Title IV of the Dodd-Frank Act exempts private fund advisers with less than $150 million AUM from registration (Dodd-Frank Act § 408) and requires the SEC to examine factors including the investment strategy, size, and governance of an investment adviser
  Wulf A. Kaal, Barbara Luppi, Sandra Paterlini, Did the Dodd-Frank Act Impact Private Fund Performance  – Evidence from 2010 – 2015 (2016). SSRN: https://ssrn.com/abstract=2816408

**2017**

- [2998097-011](https://wulfkaal.github.io/claims/2998097-011) [definitional/asserted] -- Under PFIARA, private investment fund advisers with more than 150 million dollars of assets under management must register as investment advisers and disclose information about their trades and portfolios to the SEC.
  > PFIARA mandates private investment fund adviser registration to increase record keeping and disclosure. Under PFIARA, private investment fund advisers with more than $150 million AUM must register as investment advisers and disclose information about their trades and portfolios to the SEC.58
  Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/registration-threshold.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.