To amend the Investment Advisers Act of 1940 to limit the exemption provided for family offices from the definition of an investment adviser, and for other purposes.
Bill journey · stage 1 of 5
Just introduced
What it doesSummary introduced in house (Jul 22, 2021)
This bill limits the exemption for family offices from the Securities and Exchange Commission's (SEC's) regulations applicable to investment advisers. A family office is a privately held company that manages a single family's wealth. Currently, a family office is generally not considered an investment adviser for purposes of SEC regulation regardless of the amount of managed assets, and is therefore not subject to regulations relating to duties, recordkeeping, and disclosures.
The bill limits the exemption to include only family offices with less than $750 million in managed assets. Furthermore, the SEC must exclude from the exemption certain persons subject to a final order regarding fraudulent conduct, among other activities.
What just happenedJul 29, 2021
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 27 - 22.
Who’s behind it
- Introduced in HouseJul 22, 2021
- Jul 29, 2021Committee
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 27 - 22.
Financial Services Committee - Jul 29, 2021Committee
Committee Consideration and Mark-up Session Held.
Financial Services Committee - Jul 28, 2021Committee
Committee Consideration and Mark-up Session Held.
Financial Services Committee - Jul 22, 2021IntroReferralH11100
Referred to the House Committee on Financial Services.
Financial Services Committee - Jul 22, 2021IntroReferralIntro-H
Introduced in House
- Jul 22, 2021IntroReferral1000
Introduced in House