Complex sentence: In the United States investment advisors with over $25 million under management must be registered under the Investment Advisers Act of 1940 as amended, and must abide by the rules and regulations of the U.S. Securities and Exchange Commission or state law.
Split into simpler sentences: In the United States investment advisors with over $25 million under management must be registered under the Investment Advisers Act of 1940 as amended. Day to day legal issues are governed by either the rules and regulations of the U.S. Securities and Exchange Commission or state law.