Section effective 1 year after July 21, 2010, except that any investment adviser may, at the discretion of the investment adviser, register with the Commission under the Investment Advisers Act of 1940 during that 1-year period, subject to the rules of the Commission, and except as otherwise provided, see section 419 of Puspan. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 80span–2 of this title.