Securities and Exchange Commission: Family Offices
GAO-11-816R: Jul 14, 2011
- Full Report:
GAO reviewed the Securities and Exchange Commission's (SEC) new rule on family offices. GAO found that (1) the Investment Advisers Act of 1940 imposes certain registration and other regulatory requirements on investment advisers. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 excluded family offices from the definition of investment advisers. This final rule defines family offices for the purposes of that exclusion; and (2) SEC complied with applicable requirements in promulgating the rule.