H.R. 3972 · 115th Congress
Family Office Technical Correction Act of 2017
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Passed the House without a recorded vote, then expired. It passed by voice vote or unanimous consent, which don't record how each member voted, but didn't become law before the 115th Congress ended.
D
MaloneySponsorNo cosponsors.
- House Introduced Oct 5, 2017
- House Passed Oct 24, 2017
What it does: CRS summary · Passed House amended · Oct 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Family Office Technical Correction Act of 2017
Latest action (Oct 25, 2017): Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Oct 5, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced Oct 5, 2017
- House Passed Oct 24, 2017
No recorded floor vote found.