When trying to add a layer from SM you get message that:
"Layer is not loaded"
This error usually means that the layer is not registered in the SDE metadata. To check this:
In case the Refresh metadata does not solve the issue:
Try to add the layer from the standard ArcMap [Add Data] button. If you get an error that "The SQL statement was not a select statement" it means that there is something wrong with the ArcSDE metadata. I came across this error when there was no entry for this theme in the SDE.COLUMN_REGISTRY table.
To add values in this table you can copy the values ONLY for the spatial column and the PK column (the ROWID_COLUMN for this layer as defined in the SDE.TABLE_REGISTRY table). Ignore the other columns, if the layer displays ok, the entries in the SDE.COLUMN_REGISTRY table will be inserted automatically.
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Loading the layer for assets also depends on the USER having a roles that matches a role on both GIS Themes and the Asset Metamodel. In addition to SDE and SDO registration, the role on the Asset metamodel and the GIS theme is required to successfully draw the layer in Spatial Manager.