On June 8th, the SEC extended the date by which advisers must comply with the ban on third-party solicitation in Rule 206(4)-5 under the Investment Advisers Act of 1940, the "pay to play" rule. The Commission is extending the compliance date to ensure an orderly transition for advisers and third-party solicitors as well as to provide additional time for them to adjust compliance policies and procedures after the transition. The compliance date is extended to nine months after the compliance date of a final rule adopted by the Commission by which municipal advisor firms must register under the Securities Exchange Act of 1934. SEC Release No. IA-3418.