On June 28, the Division of Investment Management of the SEC issued FAQs regarding advisers with assets under management between $25 million to $100 million (Mid-Size Advisers). The FAQs remove Minnesota from the list of states in which a Mid-Size Adviser would not be subject to examination by a state securities authority. Mid-Size Advisers located in New York and Wyoming will still be required to register with the SEC. For a discussion of Mid-Size Advisers, see “Final Rules Affecting Private Fund Advisers Adopted Under the Dodd-Frank Act“. SEC FAQ.