September 17, 2010
To the SEC:
We would like to see clarification on whether these categories of investment advisers (IAs) need to register with the SEC, their state, or neither:
1. IAs in New York State (where there is no examination program) with between $25m - $100m AUM - do they have to register with the SEC?
2. IAs between $25m - $100m AUM in a state where there is an exam program, but under that state's particular law, they are not required to register- do they have to register with the SEC?
3. IAs of only private funds with AUM under $150m - do they have to register in their state?
4. Non-exempt foreign IAs with an office in the US with under $100m AUM - do they have to register in the state in which their office is located, or do they all have to register with the SEC?
Thank you very much for your guidance.
Judith Gross, Principal
JG Advisory Services