Look for the Commissioner of Corporations to be issuing a solicitation for comments on proposed changes to Rule 260.204.9.  As will be discussed in a Guest Blog to be posted on Monday, the Commissioner has announced that he is considering changes to Rule 260.204.9 in light of the enactment of the Dodd-Frank Act last summer.  Currently, many private fund managers (including venture, hedge and private equity fund managers) do not register as investment advisers in reliance on Rule 260.204.9.  I expect the time frame for responding to this solicitation will be short because the clock is ticking toward the July 2011 elimination of the fewer-than-15 client exemption in Section 203(b)(3) of the federal Investment Advisers Act of 1940.