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What happens if a new firm without any AUM registers as an investment advisor with the SEC and fails to acquire at least $100 million of AUM within 120 days of the effective date of the investment advisor registration?


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If a firm registers with the SEC as an investment advisor, but does not acquire $100 million in AUM within 120 days, the firm must deregister as an investment advisor with the SEC and transfer its investment advisor registration to the state securities regulator.

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