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H.R.3972 - Family Office Technical Correction Act of 2017115th Congress (2017-2018) |

Bill

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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)

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This bill has the status Passed House

Here are the steps for Status of Legislation:

  1. Introduced
  2. Passed House
  3. Passed Senate
  4. To President
  5. Became Law

More on This Bill

  • Constitutional Authority Statement
  • CBO Cost Estimates [1]

Subject — Policy Area:

Summary: H.R.3972 — 115th Congress (2017-2018)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Passed House amended (10/24/2017)

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.