Following a split vote, U.S. derivatives regulators are adopting rule changes that will expand registration exemptions for family offices.

The U.S. Commodity Futures Trading Commission (CFTC) announced that the changes will harmonize its regulations for asset managers with the U.S. Securities and Exchange Commission (SEC).

The exemption was passed on a split vote of four to one.

The dissenting commissioner, Dan Berkovitz, issued a statement saying that harmonizing CFTC rules with SEC rules is not an adequate justification for the change.

“Harmonization for harmonization’s sake is not a rational basis for agency action,” he said.

“It is absurd that the commission is excusing billionaires from the notice-filing requirement that generally applies to other persons — who have a fraction of that immense wealth,” Berkovitz said.

“Customer protection should not take a back seat to exemptions from regulations for billionaires,” he added.

The CFTC also voted in favour of an exemption for commodity trading advisors, which was approved unanimously.