skip to main content

H.R. 3972 (115th): Family Office Technical Correction Act of 2017


The text of the bill below is as of Oct 5, 2017 (Introduced).

Summary of this bill

Source: Republican Policy Committee

H.R. 3972 provides a technical clarification to ensure that family offices are considered accredited investors under Regulation D, as promulgated by the U.S. Securities and Exchange Commission pursuant to the Securities Act of 1933. The amendment will provide needed clarity because family offices frequently seek to acquire interests in private equity funds and hedge funds as part of the family office asset allocation process.

A family office is a private entity formed and controlled by the family it serves that manages its personal and financial needs. Section 409 in the Dodd-Frank Wall Street Reform and Consumer Protection Act empowered the SEC to adopt Rule 202(a)(11)(G ...


I

115th CONGRESS

1st Session

H. R. 3972

IN THE HOUSE OF REPRESENTATIVES

October 5, 2017

introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To clarify that family offices and family clients are accredited investors, and for other purposes.

1.

Short title

This Act may be cited as the Family Office Technical Correction Act of 2017.

2.

Accredited investor clarification

Any person who is a family office or a family client, as defined in section 275.202(a)(11)(G)–1 of title 17, Code of Federal Regulations, shall be deemed to be an accredited investor, as defined in Regulation D of the Securities and Exchange Commission (or any successor thereto) under the Securities Act of 1933.