Are your ready for the filing deadline imposed under the Dodd Frank law for family offices?

1. Preparing for the Dodd
Frank SEC Deadline
Dial-in number: (866) 660-4683
Participant code: 57543140

2. Speaking Today
David Guin Mr. Guin focuses on securities law matters and has significant experience representing clients with regard
Partner to matters governed by the Securities Act, the Securities Exchange Act, the Investment Company Act, the
Withers Investment Advisors Act and the Commodity Exchange Act as well as the rules of various self-regulatory
Worldwide 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 Hall Ms. Hall specializes in designing and implementing Personal Risk Management programs for high net
VP and worth individuals and families, professional athletes and entertainers. Recognizing that affluent clients
Private Client have specialized insurance needs, Ms. Hall works with them to assess their unique exposures and then
Advisor discusses strategies to mitigate risk using insurance products and risk reduction techniques. In addition,
HUB Ms. Hall works with Family Offices to facilitate insurance placements for the families and for the business
International needs of the Family Office.
Thomas J. Mr. Handler is an advanced planning attorney focused on structuring complex estate plans and handling
Handler, related business structures and tax planning issues for affluent families, family businesses and family
J.D., P.C., offices. Such planning often involves the interplay of income tax, estate tax, executive benefits, and
Managing financial matters. In this regard, Mr. Handler is particularly experienced in dealing with business owners,
Partner directors, executives, professional athletes, celebrities and Family Offices. He has extensive experience in
Handler the analysis, design and implementation of domestic and international business planning, financial and
Thayer 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 Kane For more than 20 years Mr. Kane has held positions with local and regional insurance agencies. In his two
President decades as a broker, Mr. Kane has worked with hundreds of clients to design and implement individual
HUB risk management programs that include liability for celebrities, homes under construction and high value
International collectibles. He has held his Certified Insurance Counselor (CIC) designation for ten years participating in
Personal annual updates each year.
Insurance

3. 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

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How did we get here?

5. The Timeline
January 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

6. 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

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Defining the Family Office

8. 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

9. © 2009 Handler Thayer, LLP
21st Century SFO/MFO
Complex Family Office
Family Office
Private
Trust Registered
Company Investment Advisor
Real Estate
Property Broker-Dealer
Manager
Property & Casualty Subsidiary Family
Insurance Captive Office

10. 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

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Questions and Answers

12. Contact Information
David Guin
Partner, Withers Worldwide
david.guin@withers.us.com
Marcy Hall
VP and Private Client Advisor, HUB International
marcy.hall@hubinternational.com
Thomas J. Handler, J.D., P.C.,
Managing Partner, Handler Thayer
thandler@handlerthayer.com
James Kane
President, HUB International Personal Insurance
james.kane@hubinternational.com