On April 8, 2011, Robert Plaze, Associate Director of the Division of Investment Management of the Securities and Exchange Commission, issued a letter to the North American Securities Administrators Association regarding the Dodd-Frank Wall Street Reform and Consumer Protection Act. The SEC is considering extending the date by which:
- mid-sized advisers impacted by its rulemaking under the Dodd-Frank Act must transition to state regulation; and
- investment advisers required to register with the SEC as a result of the repeal of the “private adviser exemption” by the Dodd-Frank Act must register and come into compliance with their obligations as an SEC-registered investment adviser.
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