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Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Monday, January 4, 2010

SEC Publishes Corrected Effective Date for Final Temporary Rule on Principal Trades

Today the SEC published a correction to its December 30, 2009 release adopting as final Rule 206(3)-3T under the Investment Advisers Act of 1940, the interim final temporary rule that establishes an alternative means for investment advisers who are registered with the Commission as broker-dealers to meet the requirements of Section 206(3) of the Investment Advisers Act when they act in a principal capacity in transactions with certain of their advisory clients. As adopted, the only change to the rule was the expiration date. Rule 206(3)-3T will sunset on December 31, 2010.   As corrected, the release now reads:

DATES: Effective December 31, 2009. The DATES section for FR Doc. 2009-30877, published on December 30, 2009 (74 FR 69009) is corrected to read “DATES: The amendments in this document are effective December 30, 2009 and the expiration date for 17 CFR 275.206(3)-3T is extended to December 31, 2010”.

http://lawprofessors.typepad.com/securities/2010/01/sec-publishes-corrected-effective-date-for-final-temporary-rule-on-principal-trades.html

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