In an earlier Family Office Insight,
we discussed the
potential applicability of Section 13(f) of the US Securities
Exchange Act of 1934, as amended (the Exchange Act),
to family offices that, because of the exclusion for “family
offices,” are not required to register under the Investment
Advisers Act of 1940, as amended (the Advisers Act). As
we discussed in that Insight, other aspects of US securities
laws may nevertheless be applicable to family offices, even
family offices that satisfy the requirements for exclusion from
Advisers Act registration. One such potential “trap for the
unwary” that we identified is the “institutional investment
manager” filing requirement contained in Exchange Act
Section 13(f).
