summary
Introduced
10/05/2017
10/05/2017
In Committee
10/12/2017
10/12/2017
Crossed Over
10/25/2017
10/25/2017
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Family Office Technical Correction Act of 2017 (Sec. 2) This bill provides that family offices are accredited investors as set forth by the Securities and Exchange Commission in Regulation D, allowing such investors to purchase certain unregistered securities. (A family office is a company that has no clients other than family clients, is wholly owned and exclusively controlled by family clients, and does not hold itself out to the public as an investment advisor.) A family office is an accredited investor if: the office manages assets in excess of $5 million, the office was not formed for the purpose of acquiring the offered securities, and a qualified person is directing the purchase.
AI Summary
This bill, the Family Office Technical Correction Act of 2017, clarifies that family offices and family clients are considered "accredited investors" under the Securities and Exchange Commission's Regulation D. This allows such family offices and clients to purchase certain unregistered securities. To qualify, the family office must have assets under management exceeding $5 million, must not have been formed solely to acquire the offered securities, and must have a qualified person directing the purchase who has the necessary financial and business expertise to evaluate the merits and risks of the investment.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (1)
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 10/25/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
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