On October 15, 2010, FinCEN issued a final rule extending the date by which mutual funds must comply the “Travel Rule” from January 10, 2011 to April 10, 2011. FinCEN extended the compliance date to provide mutual funds with an opportunity to implement changes to their transaction reporting and record keeping systems. The Travel Rule requires financial institutions, including mutual funds, to create and retain records for transmittal of funds and transmit information on these transactions to other financial institutions in the payment chain. Since mutual funds would be excepted from most of the Travel Rule’s requirements, the effect of the Rule is that mutual funds would need to create and retain records for extensions of credit and cross-border transfers of currency, monetary instruments, checks, investment securities and credit for transactions exceeding $10,000.