In a letter dated April 8, 2011 to the President of the North American Securities Administrators Association, Robert Plaze, Associate Director of the SEC’s Division of Investment Management (Division), indicated that the Division expects “that the Commission will consider extending the date by which [covered hedge fund advisers] must register and come into compliance with the obligations of a registered adviser until the first quarter of 2012.”  See “SEC Anticipates Extension of Compliance Dates for Hedge Fund Adviser Registration and Mid-Sized Adviser Deregistration,” Hedge Fund Law Report, Vol. 4, No. 12 (Apr. 11, 2011).  While the Plaze letter did not constitute formal SEC action, two recent statements from SEC Chairman Mary Schapiro indicate an increased likelihood of formal action delaying the date by which hedge fund advisers must register and comply with the obligations of registered investment advisers.