Our firm, an SEC registered investment adviser firm, would face an undue regulatory burden if the RAUM threshold for SEC registration was raised. As a firm with assets under management approximating the $100,000,000.00 threshold, we would be forced to transition from SEC registration to a patchwork of state regulatory authorities, all of whom impose different regulatory requirements than one another, and most of whom individually impose more of a compliance burden than the SEC. Because our firm does business in several states, but fewer than 15, each state regulatory authority would have oversight over our operations, despite our firm only have a physical presence and office in one state. For a firm with limited compliance resources, this regulatory impact would be onerous and represent a hardship.