It’s a good question. It all depends on what the Securities and Exchange Commission decides to do, and while there have been reports that the SEC is in no rush, there is a sense of urgency. Scott Wilson and Martin Kelly of IMS Consulting note that the commission has 45 days from the day of the U.S. Court of Appeals for the District of Columbia’s decision that vacated the rule – June 23 – to seek a rehearing the case. The agency can ask the three-judge panel that originally heard it, or request the entire court to weigh in. If the SEC fails to file, the rule would expire Aug. 7. If it chooses to pursue an encore, “the rule could be effective for many more months until the case is reheard,” say Wilson and Kelly, who note that is unlikely the agency would take it straight to the U.S. Supreme Court. Muddled in the middle are those in the process of registering, they say. “We can only hope the SEC makes an early announcement ending this confusion for managers,” the consultants comment. In any case, IMS suggests that managers who are already registered should hold off celebrating – or withdrawing from the SEC.