Family Office Technical Correction Act of 2017
USA115th CongressHR-3972| House
| Updated: 10/25/2017
Carolyn B. Maloney
Democratic Representative
New York
Financial Services Committee, Banking, Housing, and Urban Affairs Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
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.
Suggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by the Yeas and Nays: 60 - 0.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 266.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-362.
Mr. Barr moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H8097-8099)
DEBATE - The House proceeded with forty minutes of debate on H.R. 3972.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H8097)
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8097)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Finance and Financial Sector
Family relationshipsFinancial services and investmentsSecurities
Family Office Technical Correction Act of 2017
USA115th CongressHR-3972| House
| Updated: 10/25/2017
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.
Suggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by the Yeas and Nays: 60 - 0.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 266.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-362.
Mr. Barr moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H8097-8099)
DEBATE - The House proceeded with forty minutes of debate on H.R. 3972.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H8097)
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8097)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Carolyn B. Maloney
Democratic Representative
New York
Financial Services Committee, Banking, Housing, and Urban Affairs Committee
Finance and Financial Sector
Related Bills
- S 115-488: Encouraging Employee Ownership Act
- HR 115-6258: Financial Services and General Government Appropriations Act, 2019
- HR 115-6147: Interior, Environment, Financial Services and General Government, Agriculture, Rural Development, Food and Drug Administration, and Transportation, Housing and Urban Development Appropriations Act, 2019
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Family relationshipsFinancial services and investmentsSecurities