Family Office Technical Correction Act of 2017

Bill: 115-hr-3972
Sponsor: Rep. Maloney, Carolyn B. [D-NY-12]
Introduced: 2017-10-05 in the House
Policy area: Finance and Financial Sector
Subjects: Family relationships
Financial services and investments
Securities

Summary:
action_date: 2017-10-05
text: 

Family Office Technical Correction Act of 2017

 
This bill provides that family offices and family clients are accredited investors as set forth by the Securities and Exchange Commission (SEC) in Regulation D, which exempts certain offerings from SEC registration requirements but prohibits general solicitation or general advertising with respect to such offerings. (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.)

action_date: 2017-10-23
text: 

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. 


action_date: 2017-10-24
text: 

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. 



Legislative actions:
action_date: 2017-10-25
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2017-10-24
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2017-10-24
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8097)
action_date: 2017-10-24
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H8097)
action_date: 2017-10-24
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 3972.
action_date: 2017-10-24
text: Considered under suspension of the rules. (consideration: CR H8097-8099)
action_date: 2017-10-24
text: Mr. Barr moved to suspend the rules and pass the bill, as amended.
action_date: 2017-10-23
text: Placed on the Union Calendar, Calendar No. 266.
action_date: 2017-10-23
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 115-362.
action_date: 2017-10-23
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 115-362.
action_date: 2017-10-12
text: Ordered to be Reported (Amended) by the Yeas and Nays: 60 - 0.
action_date: 2017-10-12
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-10-11
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-10-05
text: Referred to the House Committee on Financial Services.
action_date: 2017-10-05
text: Introduced in House
action_date: 2017-10-05
text: Introduced in House