[Continued from ERA: Exempt Reporting Adviser Qualification – Part I]
SEC ERA Registration vs. State ERA Registration
Firms with more than $100 million in regulatory AUM (Large Advisers) must register with the SEC unless an exemption is available. Advisers with between $100 million and $150 million AUM solely attributable to private funds are exempt under the private fund adviser exemption, as described above. Advisers with over $150 million AUM must register with the SEC.