As you know, on June 22, 2011, the SEC adopted a rule that exempts family offices from being regulated as investment advisers, as long as they meet specific criteria. One of the many regulatory changes brought about by the Dodd-Frank Wall Street Reform and Consumer Protection Act, this new "family office rule," provides a broad exemption from SEC registration for many family offices. However, any family office that does NOT currently satisfy the criteria for exemption must either restructure or register with the SEC quickly, as the compliance deadline of March 30, 2012 is approaching.
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