H.R. 3972
Referred to CommitteeFamily Office Technical Correction Act of 2017
Latest Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
10/25/2017 • Senate
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.
Passed House amended • 10/24/2017
Topics & Subjects
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Bill Journey
Originated in the House
Introduced
October 5, 2017
Committee Review
October 11, 2017
Committee Consideration and Mark-up Session Held.
Floor Debate
October 24, 2017
Passed Chamber
October 24, 2017
Other Chamber
President
Enacted into Law
Text Versions (4)
Committee Reports (1)
Related Bills (3)
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