The IAA mandated all persons and firms receiving compensation for serving as investment advisers to register with the SEC. The requirement has been revised on several occasions since then, most notably with the passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010. There are, however, several exceptions and exemptions to the registration requirement: investment advisers whose clients all reside in the same state as the adviser's business office and who do not provide advice on securities listed on national exchanges; investment advisers whose clients are solely insurance companies; and certain investment advisers who manage solely private funds holding less than $100 million from US investors.