SEC Proposes Definition of "Family Office" under Dodd-Frank

The SEC has started rulemaking to implement one of the core investment adviser regulatory changes introduced by the so-called Dodd-Frank Act. Last week, the SEC proposed a definition of "family office" - a type of adviser that will continue to be exempt from the broader adviser registration requirements that the Dodd-Frank Act will impose on most investment advisers by July 2011. Click above to read the full report.