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.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.