A notice that the Texas State Securities Board is now working toward a first quarter 2012 deadline to switch a lot of RIAs to state supervision turned a few heads in the industry.
For awhile now, the TSSB website has contained the statement that "the SEC postponed the switch deadline to first quarter 2012 from July 21, 2011" for RIAs with between $25 million and $100 million in AUM.
However, some advisors out there had a hard time remembering when exactly the SEC officially changed the deadline.
Many expect an extension, given everything else on the SEC's plate, but if there's been an official confirmation, it's very hard to find.
Turns out that the TSSB is simply getting ahead of the game, based on cues from the SEC. So are other state securities regulators.
"This is based on correspondence from the SEC to NASAA, the organization of state securities regulators," Bob Elder of the TSSB tells me.
"I don't know if the SEC has entered an official order delaying the switch, but every state is working on guidance from the SEC that postpones the effective date."