The SEC has expanded the definition of “family” in single-family offices.

The January 2015 ruling, which was an update to a previous SEC ruling we covered in the FOX Insights blog last year, affirmed that single-family offices not only have the right to also service family members’ in-laws and their relatives, but also former in-laws and relatives even after a divorce. The case at hand was addressing whether the single-family office established by former Treasury Secretary William E. Simon could continue to serve a former in-law even after their relatives were divorced. Incidentally, that in-law, according to Bloomberg, is none other than three-time Academy Award winner Meryl Streep, whose brother Dana recently divorced a daughter of the ex-Treasury Secretary, Mary Simon.

The SEC’s favorable ruling is another win for family offices, and expands the definition of “family” to allow for former in-laws, in addition to current spouses of family office founders’ descendents.

• Click here to read more about the initial 2014 SEC ruling that granted single-family offices permission to serve in-laws.

• Read the Simon petition to the SEC.