Limiting Exemptions for Family Offices in the Investment Advisers Act
The bill amends the Investment Advisers Act of 1940 to limit the exclusion from the definition of "investment adviser" to "covered family offices," defined as those with less than $750 million in assets under management. It mandates the Securities and Exchange Commission (SEC) to require these exempted offices to maintain records and submit reports. The bill also removes certain grandfather provisions.
Key points
Defines a "covered family office" as one with less than $750 million in assets under management.
Limits the exclusion from the definition of "investment adviser" to these covered family offices.
Requires the SEC to mandate reporting and record-keeping for the exempted covered family offices.
Expired
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