SEC Proposes Family Office Rule

October 19, 2010

The U.S. Securities and Exchange Commission recently proposed a new rule representing the SEC’s first step toward adopting the required rules to fully implement the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act affecting private fund managers and other currently unregistered investment advisers. Proposed rule 202(a)(11)(G)-1 under the U.S. Investment Advisers Act of 1940 defines the term “family office” for purposes of the exclusion from the definition of “investment adviser” provided by Section 202(a)(11)(G) of the Advisers Act, which was added to the Advisers Act by Dodd-Frank. This update examines the provisions and coverage of the proposed rule.

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