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Marc E. Elovitz From Kirsten Bischoff, Opalesque New York:

On Wednesday, the Securities and Exchange Commission (SEC) voted to approve a widely expected extension to the July 21, 2011 deadline for investment advisor registration. Firms affected by the regulation now have an additional nine months to ready themselves for registration with the new deadline being March 30, 2012. This means that firms need to file their Form ADV by February 14, 2012.

While many firms have been making initial preparations to register, many of the finer points of registration were not decided until today. Aside from the difficulties this would have placed onto managers with over $150m in assets, it has also been reported that the SEC itself does not currently have the resources to work within the original deadlines.

Today’s meeting also revealed some of the deep political divides within the agency and DC politicians concerning the fine line between sound regulation and over-regulation. Specifically, in the agency’s decision to blur the lines between regulation over funds that are required to register and those exempt.

"The positions taken by different Commissioners with respect to reporting and examination of exempt advisors show that there are very different views as to the degree and nature of appropriate oversight," Marc Elovitz, Partner at law firm Schulte Roth & Zabel LLP told Opalesque. Marc Elovitz, Partner at ......................

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