On July 7, the State of California Department of Corporations issued an emergency regulatory action amending Section 206.204.9 of the California Code of Regulations to extend the exemption from adviser licensing requirements under Section 25230(a) of the California Corporate Securities Law of 1968.  This exemption was available to advisers that were able to rely on Section 203(b)(3) of the Investment Advisers Act of 1940 (the "Private Adviser Exemption").  With the repeal of the Private Adviser Exemption by the Dodd-Frank Act on July 21, the action amends Section 206.204.9 by replacing references to Section 203(b)(3) with the substantive conditions of the Private Adviser Exemption.  The action is effective as of July 21 and will expire on January 17, 2012.  Emergency Regulatory Action.