[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3972 Reported in House (RH)]

<DOC>





                                                 Union Calendar No. 266
115th CONGRESS
  1st Session
                                H. R. 3972

                          [Report No. 115-362]

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 5, 2017

  Mrs. Carolyn B. Maloney of New York introduced the following bill; 
       which was referred to the Committee on Financial Services

                            October 23, 2017

Reported with amendments, committed to the Committee of the Whole House 
          on the State of the Union, and ordered to be printed
  [Omit the part struck through and insert the part printed in italic]


_______________________________________________________________________

                                 A BILL


 
   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.

    Any person who is a (a) In General.--Subject to subsection (b), any 
family office or a family client, 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.
                                                 Union Calendar No. 266

115th CONGRESS

  1st Session

                               H. R. 3972

                          [Report No. 115-362]

_______________________________________________________________________

                                 A BILL

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

_______________________________________________________________________

                            October 23, 2017

Reported with amendments, committed to the Committee of the Whole House 
          on the State of the Union, and ordered to be printed