SEC Proposal Defines "Family Offices" to be Excluded from the Investment Advisers Act
October 19, 2010 -- On October 12, 2010, the SEC proposed a rule specifying "family offices" that continue to be exempt from the registration as investment advisers under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The SEC now proposes to adopt a new rule 202(a)(11)(G)-1 under the Advisers Act to define family offices that would be excluded from the definition of "investment adviser" under the Advisers Act. For a detailed description, please download the pdf here.