New Bill Proposes Family Offices Register with the SEC and Begin SEC Reporting

Currently, family offices are typically exempted from the requirement to register with the SEC as investment advisers. But this may change after the United States House of Representatives Committee on Financial Services gave support to the HR 4620 bill that may be a harbinger of efforts to impose additional oversight of family offices in the future. The bill in its current form would require any family office with more than $750,000,000 in assets under management to register with the SEC as an investment adviser and follow investment adviser regulations and reporting rules.