Welcome!

News Feed Item

Handler Thayer, LLP Family Office Update: CFTC Reinstates Family Office Exception

CHICAGO, Dec. 5, 2012 /PRNewswire/ -- On November 29, 2012, the Commodity Futures Trading Commission (the "CFTC") released a blanket No-Action Letter providing relief from registration as a Commodity Pool Operator ("CPO") to family offices that qualify for the Family Office Exemption created under the Dodd-Frank Act, modifying the Investment Advisers Act of 1940 (the "IAA").  This relief stems from the recent CFTC decision to rescind the CPO exemption in the Commodities Exchange Act that most family offices currently rely on to avoid registration.  Without the exemption, family offices investing in mutual funds or hedge funds owning commodities could be required to register as a CPO by December 31, 2012.

(Logo: http://photos.prnewswire.com/prnh/20100429/CG95838LOGO)

While the CFTC noted that family offices are "not operations of the type and nature that warrant regulatory oversight by the CFTC," the new "family office exemption" is not a self-executing exemption.  In order to obtain the relief set forth by the CFTC in the No-Action Letter, a family office is required to:

  1. Retain the Family Office Exemption pursuant to the IAA;
  2. Submit a claim for relief to the CFTC's Division of Swap Dealer and Intermediary Oversight by December 31, 2012, containing the name, address, and phone number of the family office, and the capacity and the name of the pools of commodities owned by the family office (if applicable); and,
  3. Prior to March 31, 2013, confirm its status as a family office and warrant that the family office will notify the CFTC if it no longer meets the definition of a family office pursuant to the IAA.

If you have any questions regarding this No-Action Letter or the family office exemption discussed herein, please contact Handler Thayer, LLP at (312) 641-2100.

Handler Thayer LLP, In the News

The December 2012 issue of Private Asset Management Magazine (PAM) conducted a "Focus on Legal Solutions" roundtable featuring Thomas J. Handler, discussing the impact of tax law and compliance regulations on the private asset management industry.

In TIME Magazine's December 3rd issue, Joel Stein's article, "Sweet Charity," quoted Washington, D.C. Handler Thayer Partner,  Andrew Morton.  "In the 1970s, athletes just did things for the United Way.  Now we live in this whole Facebook, social media, look-at-me kind of world where celebrities think, I can throw a football, so I'm a philanthropist.  No, you're a guy who can throw a football.  There are two types of missions.  You can have a mission to do stuff.  You can also have a mission of raising awareness.  [Philanthropy branding] is what you need to do if you want to have impact now.  Angelina Jolie: refugees.  Bono: AIDS.  George Clooney: Darfur."

The Institute for Private Investors (IPI) is an international association of family offices and ultra-high net worth investors.  IPI featured a summary of Thomas J. Handler's presentation with U.S. Trust to IPI, "The Dodd-Frank Act: Implications for Family Offices,"  in its 2012 Report which "highlights the best insights and thinking from the past 12 months."

SOURCE Handler Thayer, LLP

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists discussed...
Elon Musk is among the notable industry figures who worries about the power of AI to destroy rather than help society. Mark Zuckerberg, on the other hand, embraces all that is going on. AI is most powerful when deployed across the vast networks being built for Internets of Things in the manufacturing, transportation and logistics, retail, healthcare, government and other sectors. Is AI transforming IoT for the good or the bad? Do we need to worry about its potential destructive power? Or will we...
Cloud-based disaster recovery is critical to any production environment and is a high priority for many enterprise organizations today. Nearly 40% of organizations have had to execute their BCDR plan due to a service disruption in the past two years. Zerto on IBM Cloud offer VMware and Microsoft customers simple, automated recovery of on-premise VMware and Microsoft workloads to IBM Cloud data centers.
Many organizations adopt DevOps to reduce cycle times and deliver software faster; some take on DevOps to drive higher quality and better end-user experience; others look to DevOps for a clearer line-of-sight to customers to drive better business impacts. In truth, these three foundations go together. In this power panel at @DevOpsSummit 21st Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, industry experts will discuss how leading organizations build application success from all...
SYS-CON Events announced today that SIGMA Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. uLaser flow inspection device from the Japanese top share to Global Standard! Then, make the best use of data to flip to next page. For more information, visit http://www.sigma-k.co.jp/en/.
SYS-CON Events announced today that Daiya Industry will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Daiya Industry specializes in orthotic support systems and assistive devices with pneumatic artificial muscles in order to contribute to an extended healthy life expectancy. For more information, please visit https://www.daiyak...
The last two years has seen discussions about cloud computing evolve from the public / private / hybrid split to the reality that most enterprises will be creating a complex, multi-cloud strategy. Companies are wary of committing all of their resources to a single cloud, and instead are choosing to spread the risk – and the benefits – of cloud computing across multiple providers and internal infrastructures, as they follow their business needs. Will this approach be successful? How large is the ...
Your clients expect transactions to never fail, cloud access to be fast and always on, and their data to be protected - no exceptions. Hear about how Secure Service Container (SSC), an IBM-exclusive open technology, enables secure building and hosting of next-generation applications, both cloud and on-premises. SSC protects the full stack from external and insider threats, allows automatic encryption of data in-flight and at-rest, and is tamper-resistant during installation and runtime – with no...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that B2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. B2Cloud specializes in IoT devices for preventive and predictive maintenance in any kind of equipment retrieving data like Energy consumption, working time, temperature, humidity, pressure, etc.
SYS-CON Events announced today that Interface Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Interface Corporation is a company developing, manufacturing and marketing high quality and wide variety of industrial computers and interface modules such as PCIs and PCI express. For more information, visit http://www.i...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp em...
SYS-CON Events announced today that Mobile Create USA will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Mobile Create USA Inc. is an MVNO-based business model that uses portable communication devices and cellular-based infrastructure in the development, sales, operation and mobile communications systems incorporating GPS capabi...
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...