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.
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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.
