H.R.3972 - Family Office Technical Correction Act of 2017115th Congress (2017-2018) |
|Sponsor:||Rep. Maloney, Carolyn B. [D-NY-12] (Introduced 10/05/2017)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Committee Reports:||H. Rept. 115-362|
|Latest Action:||Senate - 10/25/2017 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Text: H.R.3972 — 115th Congress (2017-2018)All Information (Except Text)
Text available as:
Referred in Senate (10/25/2017)
Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To clarify that family offices and family clients are accredited investors, and for other purposes.
This Act may be cited as the “Family Office Technical Correction Act of 2017”.
(a) In General.—Subject to subsection (b), any family office or a family client of a family office, as defined in section 275.202(a)(11)(G)–1 of title 17, Code of Federal Regulations, shall be deemed to be an accredited investor, as defined in Regulation D of the Securities and Exchange Commission (or any successor thereto) under the Securities Act of 1933.
(b) Limitation.—Subsection (a) only applies to a family office with assets under management in excess of $5,000,000, and a family office or a family client not formed for the specific purpose of acquiring the securities offered, and whose purchase is directed by a person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of the prospective investment.
Passed the House of Representatives October 24, 2017.
|Attest:||karen l. haas,|