In the topic 7.10 - Regulation and Compliance, Schweser talk about Hedge Fund registration in US according to the value of their AUM.
The category for registration is 25 million. My question is what happens if the AUM are below 25 for example at 24 million. Does that adviser needs to register at the state or not even that?
Thanks!
According to the reading, if AUM is $24million, you don’t need to register with SEC, however, that is not to say you won’t have to register with the state. Unclear from the reading.
No SEC registration required for
Not clear re state requirements - I assume it will be subject to applicable state (if they require - exam will hopefully articulate)
and also if a hedge fund manager’s “primary location of business” is within a state that requires adviser registration.