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News November 1, 2004 Issue

Compliance Date on Code of Ethics Rule Pushed Back

Forget January 7. The new compliance date for the personal trading code of ethics rule is February 1.

The change, announced last week by SEC associate director Robert Plaze at the NSCP conference, is designed to give advisers that want to select a December 31 anniversary date for their access personsí annual holdings reports a bit more time to collect the first round of reports (most access persons will rely on their December 31 account statements, which typically donít arrive until mid-January, to submit their holding reports).

Although the extension gives advisers only 30 days to collect holdings reports, instead of the hoped-for 45 days, the relief still was welcome. "It wasnít workable the other way," said one East Coast CCO. "Iím sure they just hadnít considered the issue and as soon as someone pointed it out, they fixed it."

Plaze confirmed that the new compliance date applies to all aspects of the new code of ethics rule, not just the initial holdings report. He said that the Commission voted on the change on October 26.