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.

Donna M Parisi

Geoffrey B Goldman

Azam H Aziz

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