On December 23rd, the SEC adopted as final, Rule 206(3)-3T under the Investment Advisers Act of 1940. Initially adopted as an interim final temporary rule, Rule 206 (3)-3T establishes an alternative means for investment advisers who are registered with the Commission as broker-dealers to meet the requirements of Section 206(3) of the Advisers Act when they act in a principal capacity in transactions with certain of their advisory clients. As adopted, the only change to the rule is the expiration date. Rule 206(3)-3T will sunset on December 31, 2010. SEC Release No. IA-2965.