; and (2) by redesignating paragraphs (2) through (5) as paragraphs (1) through (4), respectively. (b) Effective date and safe harbor (1) Effective date Except as provided in paragraph (2), the amendment made by subsection (a) shall take effect on the date of enactment of this Act. (2) Safe harbor With respect to a company that is exempt under section 6(a)(1) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–6(a)(1) ), as in effect on the day before the date of enactment of this Act, the amendment made by subsection (a) shall take effect on the date that is 3 years after the date of enactment of this Act. (3) Extension of safe harbor The Securities and Exchange Commission, by rule and regulation upon its own motion, or by order upon application, may conditionally or unconditionally, under section 6(c) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–6(c) ), may further delay the effective date for a company described in paragraph (2) to be not later than the date that is 6 years after the date of enactment of this Act if, before the end of the initial 3-year period, the Commission determines that such a rule, regulation, motion, or order is necessary or appropriate in the public interest and for the protection of investors. B Unemployment pilot programs 1201. Reemployment through demonstration projects (a) Modification of numerical limitation Subsection (a) of section 305 of the Social Security Act ( 42 U.S.C. 505 ) is amended by inserting per year after 10 States . (b) Clarification of application requirements Subsection (b) of such section 305 is amended— (1) by inserting or his or her designee after The Governor of any State ; and (2) by striking paragraph (2) and inserting the following: (2) for any waiver requested under subsection (c), a statement describing— (A) the specific provision or provisions of law for which such waiver is requested; and (B) the specific aspects of the project to which such waiver would apply and the reasons why it is needed