Advising Family Office Clients on Recurring Legal and Business Issues

Navigating Investment Adviser Act and Broker-Dealer Compliance, Employment, Executive Compensation, Tax and ERISA Issues

Recording of a 90-minute CLE webinar with Q&A


Conducted on Wednesday, July 26, 2017
Recorded event now available


This CLE webinar will discuss legal issues attendant with advising family offices established typically by high net worth individuals and families. The program will discuss Investment Adviser Act and Broker-Dealer Compliance, as well as employment and executive compensation, and U.S. and foreign income tax issues.

Description

Family offices are centralized entities focusing especially on wealth management services for high net worth individuals and families, but also providing a variety of personalized services for the family, including tax, estate planning, investment and charitable giving.

Depending on the nature of the family office (e.g., “single-family” vs. “multiple-family” family office), there are a range of compliance obligations relating to investment adviser regulation, including possible SEC oversight, compliance programs, record retention, cybersecurity and the plethora of other matters that SEC-regulated advisers must address.

However, the SEC exempts certain family offices from registering as an investment adviser or commodity pool operator, and from certain related compliance.

Listen as our experienced panel of attorneys explains and offers best practices for key legal issues in advising family offices.

Outline

  1. Family offices: types and structures
  2. Regulatory compliance
    1. SEC Family Office Rule under the Investment Advisers Act of 1940 and its application
    2. CFTC registration
    3. Exchange Act reporting obligations
  3. Employment/executive compensation issues
  4. Establishing investment vehicles for club deals, sidecars, etc.
  5. U.S. and select overseas tax issues
    1. U.S. domestic: deployment of qualified capital (e.g., Keogh, IRA, pension plan etc.) and related issues; increased popularity of IDFs (“insurance dedicated funds”); related ERISA issues
    2. International: families with individuals in multiple jurisdictions; overseas holdings
  6. Basic special estate tax issues

Benefits

The panel will address these and other key issues:

  • What are the regulatory compliance issues for counsel assisting in structuring family offices?
  • What is the scope of the SEC exemptions for family offices registering as an investment adviser?
  • What are some of the key domestic and overseas tax issues for family offices?

Faculty

Yehuda M. Braunstein, Partner
Sadis & Goldberg, New York

Mr. Braunstein’s practice focuses on investment funds, securities, regulatory compliance and investment advisers. He regularly structures and organizes hedge funds, private equity funds, funds of funds, separately managed accounts and hybrid funds. He advises private fund managers on structure, compensation, employment and investor issues, and other matters relating to management companies. He also structures and negotiates seed investments and provides ongoing advice to investment advisers on securities law issues and regulatory matters.

Alex Gelinas, Partner
Sadis & Goldberg, New York

Mr. Gelinas focuses his practice on providing tax advice to investment managers of hedge funds, private equity funds and other investment funds on all aspects of their businesses, including management entity and fund formation, partnership taxation issues, compensation arrangements and ongoing investment activities and transactions. He also provides tax advice to U.S. pension funds, sovereign wealth funds and other U.S. and foreign institutional investors in connection with their investments in private equity funds, hedge funds and U.S. joint ventures.

Steven Huttler, Partner
Sadis & Goldberg, New York

Mr. Huttler has extensive experience in corporate, finance, investment fund and securities matters, including the representation of U.S. and foreign investment funds, underwriters, and private clients in various registered public and private offerings of debt and equity securities totaling in excess of $10 billion. His legal practice has exposed him to diverse fund clients with an exceptionally wide range of investment programs and structures, including large mutual funds and hedge fund complexes, private equity firms, real estate partnerships and funds, venture capital funds and funds focused on specialty finance assets. 

Daniel G. Viola, Partner
Sadis & Goldberg, New York

Mr. Viola is the Head of the Firm’s Regulatory and Compliance Group. He structures and organizes broker-dealers, investment advisers, funds and regularly counsels investment professionals in connection with regulatory and corporate matters.


Recordings

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Banking & Finance Law Advisory Board

Irving C. Apar

Partner

Thompson Hine

Mark N. Berman

Adjunct Professor

Northeastern University

Willa Cohen Bruckner

Partner

Alston & Bird

Lawrence Kaplan

Of Counsel

Paul Hastings

Kevin Petrasic

Partner

White & Case

Laura D. Richman

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Robert M. Stern

Partner

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Partner

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