On June 22, 2011, the SEC adopted Rule 202(a)(11)(G)-1 under the Advisers Act defining the term “family office” for the purpose of excluding family office advisers from the definition of “investment adviser” in the Advisers Act, and thereby exempting them from registration as investment advisers under the Advisers Act. The Rule generally defines “family office” as a company that (1) has no clients other than family members; (2) is wholly owned by family clients and is controlled by family members; and (3) does not hold itself out to the public as an investment adviser. The Rule becomes effective 60 days after publication in the Federal Register.