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Are your ready for the filing deadline imposed under the Dodd Frank law for family offices?
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Preparing for the Dodd Frank SEC Deadline
Dial-in number: (866) 660-4683 Participant code: 57543140
Speaking TodayDavid GuinPartnerWithers Worldwide
Mr. Guin focuses on securities law matters and has significant experience representing clients with regard to matters governed by the Securities Act, the Securities Exchange Act, the Investment Company Act, the Investment Advisors Act and the Commodity Exchange Act as well as the rules of various self-regulatory organizations and stock and commodity exchanges. He devotes a significant amount of time to advising high net worth domestic and international individuals, families, Family Offices and their advisors about their obligations under U.S. securities laws, including the acquisition and disposition of public and private securities, beneficial ownership reporting obligations and the applicability of the U.S. Investment Advisers Act and U.S. Investment Company Act to their investment activities.
Marcy HallVP and Private Client AdvisorHUB International
Ms. Hall specializes in designing and implementing Personal Risk Management programs for high net worth individuals and families, professional athletes and entertainers. Recognizing that affluent clients have specialized insurance needs, Ms. Hall works with them to assess their unique exposures and then discusses strategies to mitigate risk using insurance products and risk reduction techniques. In addition, Ms. Hall works with Family Offices to facilitate insurance placements for the families and for the business needs of the Family Office.
Thomas J. Handler, J.D., P.C., Managing PartnerHandler Thayer
Mr. Handler is an advanced planning attorney focused on structuring complex estate plans and handling related business structures and tax planning issues for affluent families, family businesses and family offices. Such planning often involves the interplay of income tax, estate tax, executive benefits, and financial matters. In this regard, Mr. Handler is particularly experienced in dealing with business owners, directors, executives, professional athletes, celebrities and Family Offices. He has extensive experience in the analysis, design and implementation of domestic and international business planning, financial and estate planning, and advanced tax planning strategies. Mr. Handler is a managing partner in Handler Thayer, LLP, where he chairs the firm's Advanced Planning & Family Office Practice Group.
James KanePresidentHUB International Personal Insurance
For more than 20 years Mr. Kane has held positions with local and regional insurance agencies. In his two decades as a broker, Mr. Kane has worked with hundreds of clients to design and implement individual risk management programs that include liability for celebrities, homes under construction and high value collectibles. He has held his Certified Insurance Counselor (CIC) designation for ten years participating in annual updates each year.
Today’s Agenda
I. Where are we today and how did we get here?
II. What options do families have in response to the regulatory changes?
III. What’s next and what’s a family to do?
IV. Q&A
V. Contact information
How did we get here?
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The TimelineJanuary 2009 First Amendments to Investment Advisers Act Proposed
December 2009 Full House passes The Wall Street Reform and Consumer Protection Act (including the Private Fund Investment Advisers Act)
March 2010 Senate Banking Committee approves the Restoring American Financial Stability Act
July 2010 Dodd-Frank Act Becomes Law
October 2010 SEC Releases Proposed Definition of Family Office
June 2011 SEC Releases Final Definition of Family Office
March 30, 2012 Registration or Compliance Deadline
Exemptions • Historical exemptions
– Securities Act 1933– Investment Company Act 1940– Investment Advisors Act 1940
• New exemptions (Investment Advisor’s Act)– Section 407 – Venture Capital Funds– Section 408 – Small Private Investment Funds– Section 409 – Single Family Offices
No Multi-Family Office exemption SEC definitions are specific and restrictive
Defining the Family Office
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Options Available To Families
• Avoid the issue
• Claim exempt status
• Restructure the Family Office
• Affiliate with a Registered Investment Advisor
• Register the Family Office
• Form a Private Trust Company
Family Office
PrivateTrust
Company
Real Estate PropertyManager
Property & Casualty Insurance Captive
Registered Investment Advisor
Broker-Dealer
Subsidiary Family Office
© 2009 Handler Thayer, LLP
21st Century SFO/MFOComplex Family Office
What’s Next?
• CFTC Ruling in February 2012 abolishing exemptions for all Family Offices
• SEC reporting requirements
• Tax related issues to the changes resulting from Financial Reform Act
Questions and Answers
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Contact InformationDavid Guin
Partner, Withers Worldwide
Marcy Hall
VP and Private Client Advisor, HUB International
Thomas J. Handler, J.D., P.C.,
Managing Partner, Handler Thayer
James Kane
President, HUB International Personal Insurance
