Defining Family: SEC's Rule Excluding Family Offices

Law360, New York (September 19, 2011, 11:31 AM EDT) -- On June 22, 2011, the U.S. Securities and Exchange Commission adopted rule 202(a)(11)(G)-1 (the “Final Rule”),[1] defining family office and related terms for purposes of the exclusion of family offices from the definition of investment adviser under the Investment Advisers Act of 1940 (as amended, the “Advisers Act”),[2] as amended by the Private Fund Investment Advisers Registration Act of 2010 (the “Registration Act”).[3]

The exemptions under the Final Rule are generally broader than the exemptions that the SEC initially proposed on Oct. 12, 2010 (the “Proposed...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.