Registering with the SEC

Many family offices are paying close attention to the Securities and Exchange Commission's efforts to register and regulate hedge fund advisors. That's because last year, the SEC declined to treat an investment entity created for a family office differently from any other investment entity such as a hedge fund for purposes of Rule 203(b)(3)-2 under the Investment Advisers Act of 1940 (Advisers Act).1

Many family offices are paying close attention to the Securities and Exchange Commission's efforts to register and regulate hedge fund advisors. That's because last year, the SEC declined to treat an investment entity created for a family office differently from any other investment entity — such as a hedge fund — for purposes of Rule 203(b)(3)-2 under the Investment Advisers Act of 1940 (Advisers Act).1

Rule 203(b)(3)-2 treats investors in hedge funds as “clients” of fund

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