The Securities and Exchange Commission is scheduled to complete its rulemaking on midsize advisers and advisers under the private adviser exemption by July 21, but investment advisers' deadlines may be extended until 2012.
Under Dodd-Frank, midsize advisers will have to register with states instead of the SEC, which would require a reprogramming transition that could take until the end of the year, said Robert E. Plaze, associate director for regulation of the division of investment management at the SEC.
As a result, the agency will consider requiring registered advisers to report their eligibility to register in the first quarter of 2012. Advisers having to register with the states and adjust to state laws may have a grace period.
Dodd-Frank will also require advisers under the private adviser exemption to register with the SEC.
Those advisers may have until the first quarter of 2012 to register.
