On April 8, 2011, the Division of Investment Management of the SEC issued a letter to the North American Securities Administrators Association stating that the Division anticipates that by July 21, 2011 the SEC will complete its rulemaking implementing the provisions of the Dodd-Frank Act requiring the withdrawal of registration of certain "mid-sized advisers" and providing new exemptions for advisers that have relied upon Section 203(b)(3) of the Advisers Act, but expects in connection therewith that the SEC will "consider providing additional time for investment advisers affected . . . to come into compliance" until the first quarter of 2012. Letter.