Management of the Commission to the Securities Industry and Financial Markets Association, entitled Investment Advisers Act of 1940—Section 202(a)(11) (referred to in this section as the no-action determination ), set to expire on July 3, 2023. (c) Study required (1) In general After the announcement of the extension, pursuant to subsection (b), of the expiration date of the no-action determination, the Commission shall— (A) after providing notice and the opportunity for comment, conduct a study of the impact of allowing the no-action determination to expire or of maintaining the no-action determination