A mid-sized investment advisor has between $25 million and $100 million of assets under management and must register with the applicable state securities regulator(s) unless the investment advisor is not subject to investment advisor registration and/or examination by its home state. Currently, Wyoming does not regulate investments advisors and consequently does not require registration, and New York does not perform examinations of investment advisors. Therefore, a mid-sized investment advisor with a home office in either Wyoming or New York must register as investment advisor with the SEC. It is important to note that the mid-sized investment advisor “required to be registered” standard is different that the “regulated or required to be regulated” standard for a small investment advisor (advisors with less than $25 million of assets under management). If a mid-sized investment advisor has its principal place of business in a state that does not require investment advisor registration based on certain exemptions (e.g., number of clients) or is excluded from the definition of investment advisor in that state, the mid-sized advisor would be required to register with the SEC because it does not meet the registration requirements of the state securities regulator where the investment advisor has it principal place of business.