[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3972 Referred in Senate (RFS)]

<DOC>
115th CONGRESS
  1st Session
                                H. R. 3972


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 25, 2017

Received; read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 AN ACT


 
   To clarify that family offices and family clients are accredited 
                   investors, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Family Office Technical Correction 
Act of 2017''.

SEC. 2. ACCREDITED INVESTOR CLARIFICATION.

    (a) In General.--Subject to subsection (b), any family office or a 
family client of a family office, as defined in section 
275.202(a)(11)(G)-1 of title 17, Code of Federal Regulations, shall be 
deemed to be an accredited investor, as defined in Regulation D of the 
Securities and Exchange Commission (or any successor thereto) under the 
Securities Act of 1933.
    (b) Limitation.--Subsection (a) only applies to a family office 
with assets under management in excess of $5,000,000, and a family 
office or a family client not formed for the specific purpose of 
acquiring the securities offered, and whose purchase is directed by a 
person who has such knowledge and experience in financial and business 
matters that such person is capable of evaluating the merits and risks 
of the prospective investment.

            Passed the House of Representatives October 24, 2017.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.