,,iib  #aae? ,,congress  #a/ ,session   
,h4 ,r4 #cigb  ,,9 ,,! ,,s5ate ,,( ,,!  
,,unit$ ,,/ates  ,octob] #be1           
#bjag,receiv$2 read twice & ref]r$ to ! 
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs  ,,an ,,act  ,to cl>ify t      
family (fices & family cli5ts are       
accr$it$ inve/ors1 & = o!r purposes4    
#a4 ,%ort title  ,?is ,act may be cit$ z
 ! ,family ,(fice ,te*nical ,correction 
,act ( #bjag4  #b4 ,accr$it$ inve/or    
cl>ification  7a7 ,9 ,g5]al ,subject to 
subsection 7b71 any family (fice or a   
family cli5t ( a family (fice1 z def9$ 9
 section #bge4bjb7;a77#aa77;,g7-#a (    
title #ag1 ,code ( ,f$]al ,regulations1 
%all be deem$ to be an accr$it$ inve/or1
 z def9$ 9 ,regulation ,d ( !           
,securities & ,ex*ange ,commission 7or  
any successor !reto7 "u ! ,securities   
,act ( #aicc4  7b7 ,limitation          
,subsection 7a7 only applies to a family
 (fice ) assets "u managem5t 9 excess ( 
#e1jjj1jjj1 & a family (fice or a family
 cli5t n =m$ = ! specific purpose (     

acquir+ ! securities (f]$1 & ^: pur*ase 
is direct$ by a p]son :o has su* k &    
exp]i5ce 9 f9ancial & bus9ess matt]s t  
su* p]son is capable ( evaluat+ ! m]its 
& risks ( ! prospective inve/m5t4       
,pass$ ! ,h\se ( ,repres5tatives ,octob]
 #bd1 #bjag4,k>5 ,l4 ,haas1,cl]k4