On October 12th, the SEC published for comment a proposed definition for what constitutes a family office, exempt from registration under the Investment Advisers Act. Under the proposed rule, a family office will be exempt from registration if it provides investment advice only to family members, certain key employees, charities and trusts established by family members, and entities wholly owned and controlled by family members; is wholly owned and controlled by family members; and does not hold itself out to the public as an investment adviser. Comments should be submitted on or before November 18, 2010. SEC Press Release.