On April 8, 2011, the Associate Director of the SEC stated in a letter to the President of the North American Securities Administrators Association (NASAA) that the SEC may extend certain deadlines imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). Specifically, because the SEC has yet to complete its implementing rulemaking in accordance with the Dodd-Frank Act, the SEC would “consider” extending, to the first quarter of 2012, the date by which (i) advisers must register with the SEC and comply with the rules applicable to SEC-registered advisers and (ii) midsize advisers (i.e., advisers with over $25 million, but under $100 million, assets under management) must transition to state registration. Please click here to view the letter from the SEC regarding this issue.