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U.S. GOVERNMENT
INFORMATION
Gp
115TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 115-362
FAMILY OFFICE TECHNICAL CORRECTION ACT OF 2017
OCTOBER 23, 2017.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
[To accompany H.R. 3972]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 3972) to clarify that family offices and family clients are
accredited investors, and for other purposes, having considered the
same, report favorably thereon with amendments and recommend
that the bill as amended do pass.
The amendments (stated in terms of the page and line numbers
of the introduced bill) are as follows:
Page 1, line 7, strike Any person who is a and insert (a) IN
GENERAL.-Subject to subsection (b), any.
Page 1, line 7, strike client, and insert client of a family of-
fice,.
Page 2, after line 2, insert the following:
(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 busi-
ness matters that such person is capable of evaluating the
merits and risks of the prospective investment..
PURPOSE AND SUMMARY
Introduced by Representative Carolyn Maloney on October 5,
2017, H.R. 3972, the Family Office Technical Correction Act of
2017, clarifies that family offices and family clients, as defined in
section 275.202(a)(11)(G)-1 of title 17, Code of Federal Regulations,
generally are accredited investors under Regulation D.
79-006](ViewImageLocal?handle=hein.congrecreports/crptxaasj0001&div=1&collection=&method=preview&ext=.png&size=3)