An Exempt Reporting Advisor is an investment adviser that is not required to register (like a Registered Investment Advisor) with the Securities and Exchange Commission (SEC) or state regulators, provided it meets specific qualifications, pays applicable fees, and reports public information through the Investment Adviser Registration Depository (IARD). Large advisers, with $100 million or more in regulatory Assets Under Management (AUM), may register with the SEC as federally covered ERAs if they meet the private fund adviser or venture capital exemption requirements. Mid-sized advisers (with $25 million to $100 million in regulatory AUM) and small advisers (with less than $25 million in regulatory AUM) generally must register as state-covered Registered Investment Advisers (RIA) or, if eligible for an exemption, as state-covered ERAs. Some states permit mid-sized or small advisers to use modified versions of the private fund or venture capital adviser exemptions.