According to a Press Release issued today, Georgia Secretary of State Brian Kemp informed investment advisers that Georgia will likely extend the current July 21, 2011 deadline for transitioning mid-sized advisers to state registration. The new deadline will likely be some time in the first quarter of 2011.
According to the Press Release, the SEC has indicated that it will likely extend the date by which investment advisers with between $25 million and $100 million in assets under management must transition to state registration in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Although the provision in the Dodd-Frank Act requiring the change in registration becomes effective July 21, 2011, the SEC's Division of Investment Management is recommending to the Commissioners that the transition to state regulation be delayed until sometime in the first quarter of 2012.
The SEC notified the North American Securities Administrators Association that once the SEC adopts the implementing rules, the investment adviser online registration system, known as the Investment Adviser Registration Depository system (IARD), will require reprogramming that will take until the end of 2011 to complete.
Secretary Kemp stated in his release that his office will continue to plan to handle the mechanics of the transition in accordance with the schedule that the SEC ultimately adopts. Secretary Kemp stated, "The Secretary of State's office will continue its implementation of the mid-sized investment adviser switch in coordination with the SEC's timeline.
This will ensure a seamless and efficient transition for investment advisers registered in Georgia so they can fully comply with state and federal law. Should events change, we will notify advisers promptly on our website."