Good news for New York mid-sized advisers!

Mid-sized private fund advisers that maintain their principal office in New York State remain subject to SEC registration under the new rules.   (This is because New York State happens to be one of only 3 states that does not subject advisers to examination).

Mid-sized advisers are those with $25 million to $100 million in assets under management.

This is good news because these mid-sized advisers do not need to transition to state regulation, which is as burdensome as SEC registration yet without the same imprimatur and benefits.