Ask AI
Bill115th CongressFiled Oct 5, 2017Finance and Financial Sector
H.R. 3972

Family Office Technical Correction Act of 2017

Bill journey · stage 2 of 5

Under committee review

Filed
Comm.
Floor
Both
Law

What it doesSummary passed house amended (Oct 24, 2017)

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.

What just happenedOct 25, 2017

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Maloney, Carolyn B. [D-NY-12](D-NY)Sponsor
Read on Congress.gov
2committees16actions3related bills3subjects
  1. Oct 25, 2017IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  2. Oct 24, 2017FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Oct 24, 2017FloorH37300

    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8097)

  4. Oct 24, 2017Floor8000

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H8097)

  5. Oct 24, 2017FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 3972.

  6. Oct 24, 2017FloorH30000

    Considered under suspension of the rules. (consideration: CR H8097-8099)

  7. Oct 24, 2017FloorH30300

    Mr. Barr moved to suspend the rules and pass the bill, as amended.

  8. Oct 23, 2017CalendarsH12410

    Placed on the Union Calendar, Calendar No. 266.

  9. Oct 23, 2017CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 115-362.

    Financial Services Committee
  10. Oct 23, 2017Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 115-362.

    Financial Services Committee
  11. Oct 12, 2017Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 60 - 0.

    Financial Services Committee
  12. Oct 12, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  13. Oct 11, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  14. Oct 5, 2017IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  15. Oct 5, 2017IntroReferralIntro-H

    Introduced in House

  16. Oct 5, 2017IntroReferral1000

    Introduced in House

Passed House amendedOct 24, 201736

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.
Reported to House with amendment(s)Oct 23, 201717

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.
Introduced in HouseOct 5, 2017

Family Office Technical Correction Act of 2017

This bill provides that family offices and family clients are accredited investors as set forth by the Securities and Exchange Commission (SEC) in Regulation D, which exempts certain offerings from SEC registration requirements but prohibits general solicitation or general advertising with respect to such offerings. (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.)

Family Office Technical Correction Act of 2017 — Informed