Qualify as an exempt reporting adviser? You must either advise solely private funds with less than $150 million in AUM or solely venture capital funds as defined by the SEC.
Generally, if you advise SMAs and pooled investment vehicles with less than $100 million in AUM then you'll be subject to your respective state's securities laws while above it you must register with the SEC.
Generally, if you're in the business of providing investment advice for compensation then you should be registered as an investment adviser. If you have less than $100 million in AUM then you are subject to your state's securities laws while above it you must register with the SEC.
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