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ARTICLE · 11 JULY 2011

SEC Issues Greatly Expanded Definition of Family Office

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The US SEC adopted rule signficantly expanding the number of family offices exempt from registration and investment advisers.

United StatesFinance and Banking
David Guin
David Guin
Christopher Uzpen
Christopher Uzpen
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The US SEC adopted rule signficantly expanding the number of family offices exempt from registration and investment advisers.

On June 22, 2011, the US Securities and Exchange Commission (the "SEC") issued Release IA-3220 (the "Final Release") adopting rule 202(a)(11)(G)-1 (the "Final Rule" under the US Investment Advisers Act of 1940 (the "Advisers Act"). When compared to the SEC's original proposal (the "Proposed Rule"), the Final Rule significantly expands the number of family offices that will be exempt from registration as investment advisers.

Background

The Dodd-Frank Act, among other things, repealed the so-called "Private Adviser Exemption" that exempted advisers with fewer than 15 clients from SEC registration and regulation. Most family offices previously relied on the Private Adviser Exemption to avoid regulation as investment advisers. In place of the Private Adviser Exemption, the Dodd-Frank Act exempted family offices from regulation. The

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