SEC Dodd-Frank Implementation -- Proposed Family Office Definition
On October 12, 2010, the Securities and Exchange Commission (“SEC”) proposed new Rule 202(a)(11)(G)-1 (the “Proposed Rule”) to define the term “family office” under the Investment Advisers Act of 1940 (the “Advisers Act”), as required by Section 409 of the “Dodd-Frank Wall Street Reform and Consumer Protection Act” (“Dodd-Frank”). Family offices that comply with the final version of the rules, once they are adopted, will not be required to register or comply with the Advisers Act. A copy of the SEC’s Proposing Release is available here.
