The Texas State Securities Board is sending out the following email:
“The Registration Division of the Texas State Securities Board is aware that your investment adviser firm may be required to switch from SEC registration to state registration as a result of The Dodd Frank Wall Street Reform and Consumer Protection Act of 2010.
We encourage you and your firm to consider switching to state-registration now to avoid the bottleneck of applications expected between January 1, 2012 and March 31, 2012. Beginning Monday, November 7, 2011, you may amend the Form ADV Part 1.B on the IARD system to begin the registration process.”