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News January 4, 2010 Issue

Late Breaking Extensions of Note

Nothing like waiting until the last minute. Well, probably the next to last minute.

On December 23, the SEC extended interim final principal trading Rule 206(3)-3T, which was set to expire on December 31, for another year. The rule permits broker-dealers to sell to their advisory clients certain securities that might otherwise not be available on an agency basis, while protecting clients from conflicts of interest as a result of such transactions. Advisers relying on the rule may continue to do so through December 31, 2010.

Similarly, Rule 312 of Regulation S-T has been extended through December 31, 2010 to allow static pool information for asset-backed securities, normally required to be disclosed in a prospectus, to be provided on an internet web site under certain conditions.