Virginia Issues Policy on Private Advisers Choosing Not to Register in Virginia by July 21, 2011

The Virginia of Division of Securities and Retail Franchising will take no enforcement action against an investment adviser or its investment adviser representatives that choose not to register in Virginia by July 21, 2011, provided the adviser's only client is a corporation, general partnership, limited partnership, limited liability company, trust or other legal organization that: (1) has assets of not less than $5 million; and (2) receives investment advice based on its investment objectives rather than the individual investment objectives of its shareholders, partners, limited partners, members or beneficiaries, as long as the investment adviser was exempt from registration under Section 203(b)(3) of the Investment Advisers Act of 1940 before July 21, 2011, and the investment adviser is subject to SEC Rule 203-1(e) granting an extention to investment advisers formerly exempt from registration under Section 203(b)(3) of the Investment Advisers Act of 1940 until March 30, 2012, whom would have been required to register with the SEC by July 21, 2011.

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