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GAO-11-816R 1 (2011-07-14)

handle is hein.gao/gaobadxev0001 and id is 1 raw text is: 



4J GAO
        Accountability * Integrity * Reliability
United States Government Accountability Office
Washington, DC 20548


          B-322181


          July 14, 2011

          The Honorable Tim Johnson
          Chairman
          The Honorable Richard C. Shelby
          Ranking Member
          Committee on Banking, Housing, and Urban Affairs
          United States Senate

          The Honorable Spencer Bachus
          Chairman
          The Honorable Barney Frank
          Ranking Member
          Committee on Financial Services
          House of Representatives

          Subject: Securities and Exchange Commission: Family Offices

          Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a
          major rule promulgated by the Securities and Exchange Commission (the
          Commission), entitled Family Offices (RIN: 3235-AK66). We received the rule on
          June 24, 2011. It was published in the Federal Register as a final rule on June 29,
          2011, with a stated effective date of August 29, 2011. 76 Fed. Reg. 37,983.

          The Investment Advisers Act of 1940 imposes certain registration and other
          regulatory requirements on investment advisers.1 The Dodd-Frank Wall Street
          Reform and Consumer Protection Act of 2010 excluded family offices from the
          definition of investment advisers.2 This final rule defines family offices for the
          purposes of that exclusion.

          Enclosed is our assessment of the Commission's compliance with the procedural
          steps required by section 801 (a)(1)(B)(i) through (iv) of title 5 with respect to the rule.



          115 U.S.C. § 80b.
          2Pub. L. No. 111-203, § 409, 124 Stat. 1376, 1575-1576 (July 21, 2010).


GAO-1 1-816R

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