3.0.0 3972 2023-01-11T13:38:28Z 2023-01-11T13:38:28Z House HR 2017-10-05 115 [Congressional Record Volume 163, Number 160 (Thursday, October 5, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mrs. CAROLYN B. MALONEY of New York:H.R. 3972.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3, to regulate commerce[Page H7888]]]> ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2017-10-25T15:07:56Z hsba00 Financial Services Committee House Standing Reported by 2017-10-23T21:58:57Z Markup by 2017-10-12T21:47:02Z Referred to 2017-10-05T13:03:15Z H. Rept. 115-362 Interior, Environment, Financial Services and General Government, Agriculture, Rural Development, Food and Drug Administration, and Transportation, Housing and Urban Development Appropriations Act, 2019 115 6147 HR 2018-09-07 Message on Senate action sent to the House. Related bill CRS Financial Services and General Government Appropriations Act, 2019 115 6258 HR 2018-06-28 Placed on the Union Calendar, Calendar No. 612. Related bill CRS JOBS and Investor Confidence Act of 2018 115 488 S 2018-07-18 Message on House action received in Senate and at desk: House amendments to Senate bill. Related bill CRS 2017-10-25 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2017-10-24 14:11:16 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2017-10-24 14:11:14 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8097) Floor H37300 2 House floor actions 2017-10-24 14:11:14 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) Floor 8000 9 Library of Congress 2017-10-24 13:58:43 DEBATE - The House proceeded with forty minutes of debate on H.R. 3972. Floor H8D000 2 House floor actions 2017-10-24 13:58:41 Considered under suspension of the rules. (consideration: CR H8097-8099) Floor H30000 2 House floor actions 2017-10-24 13:58:28 Mr. Barr moved to suspend the rules and pass the bill, as amended. Floor H30300 2 House floor actions 2017-10-23 Placed on the Union Calendar, Calendar No. 266. Calendars H12410 2 House floor actions U00266 2017-10-23 Reported (Amended) by the Committee on Financial Services. H. Rept. 115-362. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2017-10-23 Reported (Amended) by the Committee on Financial Services. H. Rept. 115-362. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2017-10-12 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by the Yeas and Nays: 60 - 0. Committee 2017-10-12 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2017-10-11 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2017-10-05 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2017-10-05 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-10-05 Introduced in House IntroReferral 1000 9 Library of Congress M000087 Rep. Maloney, Carolyn B. [D-NY-12] CAROLYN MALONEY D NY B. 12 N 2017-10-20T20:00:00Z H.R. 3972, Family Office Technical Correction Act of 2017 https://www.cbo.gov/publication/53228 As ordered reported by the House Committee on Financial Services on October 12, 2017 Finance and Financial Sector Family relationships Financial services and investments Securities Finance and Financial Sector 00 2017-10-05 Introduced in House 2018-01-24T19:10:35Z Family Office Technical Correction Act of 2017

This bill provides that family offices and family clients are accredited investors as set forth by the Securities and Exchange Commission (SEC) in Regulation D, which exempts certain offerings from SEC registration requirements but prohibits general solicitation or general advertising with respect to such offerings. (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.)

]]> 17 2017-10-23 Reported to House with amendment(s) 2018-10-30T15:00:46Z 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.
]]> 36 2017-10-24 Passed House amended 2018-10-30T21:56:43Z 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.
]]> Family Office Technical Correction Act of 2017 Display Title Family Office Technical Correction Act of 2017 Short Titles as Introduced Family Office Technical Correction Act of 2017 Short Titles as Reported to House Family Office Technical Correction Act of 2017 H House Short Titles as Passed House Family Office Technical Correction Act of 2017 H House Official Title as Introduced To clarify that family offices and family clients are accredited investors, and for other purposes. Referred in Senate 2017-10-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr3972rfs/xml/BILLS-115hr3972rfs.xml Engrossed in House 2017-10-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr3972eh/xml/BILLS-115hr3972eh.xml Reported in House 2017-10-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr3972rh/xml/BILLS-115hr3972rh.xml Introduced in House 2017-10-05T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr3972ih/xml/BILLS-115hr3972ih.xml 2017-10-25 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.