The U.S. Securities and Exchange Commission (SEC) said Friday that more than 1,504 advisors to hedge funds and other private funds have registered with the agency since the so-called Dodd-Frank reforms requiring registration were adopted.

The commission notes that while some private fund advisors previously registered with the SEC voluntarily, mandatory registration has given the SEC its first comprehensive look at advisors to these types of funds. Including the 2,557 private fund advisors who had registered previously, a total of 4,061 advisors private funds are now registered with the regulator.

“Prior to the Dodd-Frank Act, regulators only saw a slice of the pie but didn’t know how big the pie even was,” said SEC chairman, Mary Schapiro. “The law enables regulators to better protect investors by providing a more comprehensive view of who’s out there and what they’re doing.”

The commission reports that a total of 11,002 investment advisors now are SEC-registered, with 37% advising hedge funds and other private funds. Assets under management at SEC-registered advisors has risen about $5.7 trillion, or 13%, even though the number of advisors fell about 15% as the Dodd-Frank Act required mid-sized advisors to move from federal to state oversight, it says.

So far, more than 2,300 mid-sized advisors – those managing less than $100 million of assets – have made the transition to state regulation. And, in an effort to finalize the transition, the SEC issued a notice today identifying 293 advisors who may no longer be eligible for registration with the SEC because they manage less than $100 million, or have failed to comply with other SEC requirements.

Advisors identified in the notice have until December 17 to withdraw their SEC registration, or inform the commission staff that they should remain eligible for registration with the SEC. After that date, the commission may issue an order cancelling their registrations, it says.