Commissioner Takes Emergency Action To Put More Time On The Clock For Rule 260.204.9

Yesterday, Commissioner Preston DuFauchard started the process for adding six months to the lifespan of Rule 260.204.9. The Commissioner took this action in light of the imminent expiration of the “private adviser” exemption set forth in Section 203(b)(3) of the Investment Advisers Act of 1940. The Dodd-Frank Act eliminates this exemption effective July 21, 2011.

SEC To Adopt Final Invest Adviser Act Rules

The Securities and Exchange Commission has yet to promulgate final rules implementing the soon-to-be-effective changes to the Investment Advisers Act. This has put state securities regulators in a bind because they want to adopt rules that are consistent with the SEC’s action. At long last, the SEC has announced that it will consider final rules at next week’s meeting meeting of the Commission.

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