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SEC Adopts Rule Defining “Family Offices” Under the Investment Advisers Act of 1940

On June 28, 2011 by Schnader

On June 22, 2011, the Securities and Exchange Commission¬†(“SEC”) approved a new rule to define “family offices” that are to be excluded from the Investment Advisers Act of 1940. The rulemaking stems from the Dodd-Frank Wall Street Reform and Consumer Protection Act. This Alert discusses the recent rule.