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  "documentTitle": "ey family office study client deck asia pacific",
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  "notes": "This appears to be a page from a legal or regulatory guide for family offices.",
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      "text": "EY Family Office Guide Pathway to successful family and wealth management 43",
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      "text": "In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Dodd-Frank brought family offices under closer regulatory scrutiny. But it also instituted several new exemptions from registration and directed the SEC to write a specific family office exclusion (the Exclusion).",
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      "text": "For those who wish to limit liability, there are three entities normally considered: Limited liability companies (Ltd), Limited Partnerships (LP) and Limited Liability Partnership (LLP). All, in general, protect the owner from financial penalty up to the level of equity invested in the family office entity.",
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      "text": "Family offices can act as an unincorporated entity and thereby there is no limitation of liability. All investments remain owned by the principal, and employment laws and other public liability (and other litigation) will attach to the individual.",
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      "text": "institutions have to be registered with Prudential Regulatory Authority. The FCA is the independent body that regulates the financial services industry in the UK. With statutory powers given to them by the Financial Services and Markets Act 2000, the FCA has a wide range of rule-making, investigatory and enforcement powers.",
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