Texas Sets Forth Procedures for IAs to Switch Advisory Status from Federal to State

Investment advisers transacting business in Texas must follow specified procedures by the Texas Securities Board for how to switch their advisory status from federal to state because their total amount of assets under management is (or will be) no more than $100 million on July 21, 2011, the date the “switch” is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.