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October 15, 2010updated 04 Apr 2017 3:52pm

SEC proposes new family office definition

The US Securities and Exchange Commission (SEC) is seeking public comment on the definition of a family office. Historically, family offices have not been required to register with the SEC under the Advisers Act because of an exemption provided to investment advisers with fewer than 15 clients.

By Brooke Balza

The US Securities and Exchange Commission (SEC) is seeking public comment on the definition of a family office.

Historically, family offices have not been required to register with the SEC under the Advisers Act because of an exemption provided to investment advisers with fewer than 15 clients.

The Dodd-Frank Act removes that exemption to enable the SEC to regulate hedge fund and other private fund advisers. The consultation period ends on 18 November.

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