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Mark Berman By Beverly Chandler, Opalesque London:

In an exclusive interview with Opalesque, Mark Berman of CompliGlobe said that Friday’s news from the SEC that there will likely be longer than thought for advisers to file or claim exemptions on their status was a: "Welcome development."

Under the Dodd-Frank Act, the less than 15 person de minimis exemption from Advisers Act registration is still repealed as of 21 July 2011. Late last year, the SEC proposed new exemptions from registration, including the "Foreign Private Adviser" exemption and the "Private Fund Adviser" exemption. The industry was gearing itself for a flurry of registrations on or before 8 June based on the fact that the SEC was required to adopt new exemptions from registration in time to permit advisers to register or claim an exemption from registration by 21 July.

Several factors delayed the rule making process, including, most notably, the US government budget saga. However, in what Berman describes as 'a significant point of clarity’ the Commission will issue the new exemptions "in advance of July 21" and as regards advisers that do register, the Commission may consider extending the date by which such firms must be in compliance with the Advisers Act "until the first quarter of 2012".

This is good news for advisers to hedge funds wherever located as they may have four to five months longer to regularise their status than originally tho......................

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