On November 25, 2014, the US Commodity Futures Trading Commission (“CFTC”) issued no-action relief for family offices from commodity trading adviser registration, for advisory services they offer to family clients. To be eligible for this relief, a family office must remain in compliance with the exclusion for family offices from the definition of investment adviser adopted by the Securities and Exchange Commission (“SEC”). 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:

http://www.cftc.gov/ucm/groups/public/@lrlettergeneral/documents/letter/14-143.pdf.