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21 January 2015
On November 25 2014 the Commodity Futures Trading Commission (CFTC) issued no-action relief for family offices from commodity trading adviser registration for advisory services that they offer to family clients. To be eligible for this relief, a family office must remain in compliance with the exclusion of family offices from the definition of 'investment adviser', adopted by the Securities and Exchange Commission. This relief is not self-executing. Therefore, a family office must file a claim with the CFTC to elect this relief.
CFTC Staff Letter 14-143 is available at www.cftc.gov/ucm/groups/public/@lrlettergeneral/documents/letter/14-143.pdf.
For further information on this topic please contact Donna M Parisi, Geoffrey B Goldman or Azam H Aziz at Shearman & Sterling LLP by telephone (+1 212 848 4000), fax (+1 212 848 7179) or email (firstname.lastname@example.org, email@example.com or firstname.lastname@example.org). The Shearman & Sterling website can be accessed at www.shearman.com.
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