Investment Advisers Registered With a State Securities Commission

The Commission shall not assert a violation of section 203 of the Act [15 U.S.C. 80b-3] (or any provision of the Act to which an investment adviser becomes subject upon registration under section 203 of the Act [15 U.S.C. 80b-3]) for the failure of an investment adviser registered with the securities commission (or any agency or office performing like functions) in the State in which it has its principal office and place of business to register with the Commission if the investment adviser reasonably believes that it does not have assets under management of at least $30,000,000 and is therefore not required to register with the Commission.