SEC Proposes Rule Defining "Family Office" Exclusion Under Investment Advisers Act

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On October 12, the Securities and Exchange Commission (SEC) proposed Rule 202(a)(11)(G)-1 (“Proposed Rule”) under the Investment Advisers Act of 1940, as amended (“Advisers Act”). The purpose of the Proposed Rule is to comply with the provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) requiring the SEC to define family offices that would be excluded from the definition of an investment adviser for purposes of the Advisers Act.

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