Yesterday, was a big day for both the regulated and the unregulated adviser industry.

“The very rich are different from you and me . . . they have more money”

The Securities and Exchange Commission adopted its final “family office” rules. According to the SEC, “family offices” are established by wealthy families to manage their riches, plan for the future and provide other services for family members. As discussed in this October 14, 2010 post, Congress decision to create an exclusion (as opposed to an exemption) from the Investment Advisers Act means that family offices will no longer need to rely on California Rule 260.204.9. (I discuss Commissioner DuFauchard’s recent action to extend the life of Rule 260.204.9 in this post.) The SEC’s adopting release is a very modest 15,600 words.

“All you have to do is say something nobody understands and they’ll do practically anything you want them to.”

The SEC also adopted rules to implement the troika of exemptions that Congress included in the Dodd-Frank Act. These new rules are...