News & Analysis as of

Family Offices Investment Advisers Act of 1940

Latham & Watkins LLP

SEC Staff Issues No-Action Relief to Broker-Dealers From Reg BI and Form CRS Obligations Related to Certain Family Offices

Latham & Watkins LLP on

The no-action relief applies to family offices with at least US$50 million in total assets (Institutional Family Offices) and requires broker-dealers seeking to rely on the relief to establish and maintain specific additional...more

Winstead PC

SEC Adopts Amendments to “Accredited Investor” Definition

Winstead PC on

The Securities and Exchange Commission (the “SEC”) recently adopted amendments to the definition of “accredited investor,” which will permit a wider range of investors to participate in certain private offerings. The amended...more

Foley Hoag LLP

SEC Amends “Accredited Investor” Definition

Foley Hoag LLP on

On August 26, 2020, the Securities and Exchange Commission (“SEC”) amended the definition of “accredited investor,” one of the principal tests for determining eligibility for participation in private placements of securities....more

Cadwalader, Wickersham & Taft LLP

SEC Proposes Rule Amendments Designed to Expand Access to Private Investment Opportunities

By a 3-2 vote, the Securities and Exchange Commission (the “SEC”) approved the publication of a release on December 18, 2019, generally expanding the scope of the definitions of “accredited investor” in Rule 501(a) of...more

A&O Shearman

Amended FINRA IPO Allocation Rules to Take Effect on January 1, 2020

A&O Shearman on

On July 26, 2019, FINRA announced proposed changes to FINRA Rule 5130 (Restrictions on the Purchase and Sale of Initial Equity Public Offerings) and FINRA Rule 5131 (New Issue Allocations and Distributions) to exempt...more

Perkins Coie

Family Office Key Employees’ Use of Employee Investment Trusts

Perkins Coie on

Recent Development - Family office key employees have new flexibility under recent SEC guidance regarding the nature and range of persons who can properly be involved in the administration of their trusts. ...more

Miller & Martin PLLC

CFTC Issues Additional Relief for Family Offices

Miller & Martin PLLC on

In November 2012, the CFTC's Division of Swap Dealer and Intermediary Oversight issued a no-action letter stating that the Division would not recommend that the CFTC take enforcement action against a family office for failure...more

Stinson - Corporate & Securities Law Blog

SEC Grants Exceptions to Family Office Rules

The SEC has previously adopted a rule to define “family offices” that are excluded from the Investment Advisers Act of 1940. “Family offices” are entities established by wealthy families to manage their wealth and provide...more

Perkins Coie

DID YOU KNOW? SEC Allows Family Offices to Include Members of an Extended Family

Perkins Coie on

Family offices have existed for over a century and have been formed to implement very important and complex objectives, including investment management, corporate succession, estate, gift and income tax planning, and...more

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