Hub International Advises Family Offices on New Regulatory Requirements Under the Dodd-Frank Act

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Leading insurance brokerage Hub International recently held a webinar advising family offices on the upcoming regulatory requirements they will face under the Dodd-Frank Act, which went into effect on March 31, 2012.

Hub International Limited (Hub), a leading insurance brokerage firm, presented a webinar addressing challenges family offices will face as a result of Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The Securities and Exchange Commission (SEC) is now requiring family offices to register with the SEC unless they can meet a new, narrower definition of a single family office.

This session, presented by James P. Kane, President, Hub International Personal Insurance; David Guin, Partner, Withers Worldwide; Thomas J. Handler, J.D., P.C., Managing Partner, Handler Thayer; and Marcy Hall, Vice President, Hub International Personal Insurance; discussed the options for family offices after the new regulation goes into effect on March 31, 2012. Prior to Dodd-Frank, an entity providing investment management services for fewer than 15 clients, did not have to register with the SEC. That exemption is gone, and family offices that formerly did not maintain these standards must now either comply with the SEC's tighter definition of a family office, qualify for another exemption or submit to SEC regulation. The new SEC definition requires that advisory services be provided exclusively to family members. In-laws, family friends and most employees of the office are excluded from participation in advisory services and investment opportunities. To hear a recording of this webinar, please click here.

“Every family office must consider, with the help of legal counsel, whether it meets the new rules,” said James P. Kane. “Doing nothing about these new developments is not an option, therefore it’s critical to speak with an advisor to guide these private entities to make the proper choices and help untangle the family finances from those of non-family members and contributors to family foundations and charities.”
“Family offices have several choices and key decisions to make [as we rapidly approach] this impending regulation,” said David Guin. “We have advised our clients that it’s imperative that they carefully review their options and make the most suitable decisions that meet the new requirements and their specific needs.”

“We look forward to working with family offices as this regulation is put into action and providing them with expert advice on how to proceed,” said Thomas J. Handler. “Through this webinar, we were able to begin educating these private entities on next steps and we will continue to do so as things evolve.”

Headquartered in Chicago, IL, Hub International Limited is a leading global insurance brokerage that provides a broad array of property and casualty, life and health, employee benefits, investment and risk management products and services through offices located in the United States, Canada and Brazil.

Media Contact:
Cara Siegel
HUB International Limited
Director, Media Relations
Phone: 516-677-4992
cara.siegel (at) hubinternational (dot) com

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