In a letter to the North American Securities Administrators Association, Inc. dated April 8, 2011, Robert Plaze, the Associate Director of the SEC’s Division of Investment Management, stated that the SEC anticipates completing its rulemaking to implement two provisions of the Dodd-Frank Act by July 21, 2011 (as instructed by Congress), but expects that the SEC will consider extending the date by which affected advisers must come into compliance with the newly adopted rules until the first quarter of 2012. The two provisions Mr. Plaze referred to are...

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