About the Hedge Fund State Regulation Guide

Regulation of investment companies and hedge funds are not handled by state securities laws, however states may indirectly regulate the funds through regulating the sale of interests in hedge funds.

If a hedge fund chooses not to register with the SEC they may be exempt from state regulatory requirements.

In this guide we hope to outline the hedge fund regulations in each state and provide as much information and as many online resources as possible for each state.

Pennsylvania: Hedge Fund State Regulations

Out Of State Regulations:
70 P.S. § 1-102(j)(vii): Investment Adviser does not include "A person who has a place of business in this State and during the preceding twelve-month period has had not more than five clients in or out of this State and does not hold himself out generally to the public as an investment adviser."

In State Regulations:
Yes, exempt, based on examiner's comments.

Comments on this regulation:
Exemption based on definition of investment adviser and definition of client, One fund = one client. See 70 P.S. § 1-102(j)(vii) for definition of investment adviser.

State Regulations Website:
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