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New SEC rules adopted defining Investment Adviser Exclusion for Family Offices

Tuesday, July 19, 2011
Opalesque Industry Update - The Securities and Exchange Commission (SEC) adopted several rules to clarify the registration requirements of the Investment Advisers Act of 1940 (the “Advisers Act”) as amended by the Dodd-Frank Wall Street Reform Protection Act (the “Dodd-Frank Act”). One of the rules further defines the exclusion added by the Dodd-Frank Act from the definition of “investment adviser” for persons that only advise family members.

Prior to the passage of the Dodd-Frank Act, many family offices did not register under the Advisers Act in reliance on the exemption for advisers to fewer than 15 clients or on exemptive orders from the SEC. Although the Dodd-Frank Act removed the 15-client exemption, it also added the new exclusion for “family offices,” as defined by SEC rule. The family office rule codifies many of the aspects of the SEC’s previous exemptive orders for single-family offices, but will be broader than the exemptive orders and will better fit with current family office practice.
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BC

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