---
kind: "diff"
citation: "H.R. 3972"
bill: "115-hr-3972"
heading: "Family Office Technical Correction Act of 2017"
from: "ih"
from_label: "Introduced in House"
to: "rh"
to_label: "Reported in House"
sections_amended: 1
sections_added: 0
sections_removed: 0
url: "https://uscodex.org/bills/115/hr/3972/changes/rh"
---

# H.R. 3972 — what changed

H.R. 3972, Family Office Technical Correction Act of 2017 — 1 section amended between Introduced in House and Reported in House.

Edits are marked `<del>struck</del>` and `<ins>inserted</ins>`.

## Sec. 2 Accredited investor clarification

- Any person who is a <ins>(a) In General.—Subject to subsection (b), any </ins>family office or a family client, <ins>client of a family office, </ins>as defined in section 275.202(a)(11)(G)–1 of title 17, Code of Federal Regulations, shall be deemed to be an accredited investor, as defined in Regulation D of the Securities and Exchange Commission (or any successor thereto) under the Securities Act of 1933.
- (b) <ins>Limitation—</ins> <ins>Subsection (a) only applies to a family office with assets under management in excess of $5,000,000, and a family office or a family client not formed for the specific purpose of acquiring the securities offered, and whose purchase is directed by a person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of the prospective investment.</ins>