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 SEC “will consider providing additional time” for hedge fund managers affected by two key registration provisions to comply with those provisions.  The letter does not constitute formal SEC action and the conservative course for hedge fund managers is to proceed with preparations for relevant registration requirements until the SEC issues formal guidance.  However, the letter appears to indicate a recognition on the part of the Division that the increasingly imminent July 21, 2011 compliance date threatens to yield unintended consequences for hedge fund managers and investors, and the SEC itself.