H.R. 3972 — Reported in House

IB Union Calendar No. 266 115th CONGRESS 1st Session H. R. 3972 [Report No. 115–362] 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. 1. Short title This Act may be cited as the Family Office Technical Correction Act of 2017. 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. 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