Mon, May 25, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

U.S. Defense of Marriage Act expands definitions of 'accredited investor’ and 'qualified purchaser’

Friday, June 28, 2013

Benedicte Gravrand, Opalesque Geneva:

The June 26th decision of the US Supreme Court in United States v. Windsor, by invalidating Section 3 of the Defense of Marriage Act (DOMA), will lead to many changes for same-sex married couples. One of which is the meaning of the term "spouse" in the definitions of "accredited investor" and "qualified purchaser". Those definitions are found in Rule 501(a) of the SEC's Regulation D under the Securities Act of 1933, and in Section 2(a)(51) of 1940 Act.

Plaintiff Edie Windsor, 84, sued the federal government after the Internal Revenue Service had refused to reimburse the $363,000 in federal estate taxes she paid after her spouse, Thea Spyer, died in 2009, says The Huffington Post. Her story led to the fall of DOMA.

Section 3 of DOMA provided that "the word 'marriage' means only a legal union between one man and one woman as husband and wife, and the word 'spouse' refers only to a person of the opposite sex," explains a recent Client Briefing from Clifford Chance, an international law firm.

The Supreme Court ruled this week that this provision was unconstitutional according to the liberty principle in the Fifth Amendment.

"The federal statute is invalid, for no legitimate purpose overcomes the purpose and effect to disparage and to injure those whom t......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Comment - Top hedge fund managers talk about how easy their jobs have gotten, BlackRock to Schroders warn of Argentina’s $20bn bond glut, The 35-year “investment supercycle” is drawing to a close, says Bill Gross, Gundlach: When the Fed starts hiking rates, 'GET OUT' of this asset class[more]

    Top hedge fund managers talk about how easy their jobs have gotten From Businessinsider.com.au: Time was, before the financial crisis hit, corporate boards treated multi-billion dollar hedge fund managers like Jehovah’s Witnesses pounding on their doors and flashing bibles. But no more.

  2. T Rowe's challenge to Dell deal may fuel critics of 'appraisal'[more]

    From Reuters.com: An increasingly popular tactic used by hedge funds and others to extract more money from buyouts could soon face a major courtroom test when a big investor in Dell Inc may argue that it should be paid a higher price for the 2013 acquisition of the PC maker. The strategy, known as "

  3. News Briefs - Ergen says LightSquared plan unfairly favors hedge funds, Why hedge fund managers make good advisory clients, I learned a lot about dad-bros after spending 4 days in Vegas with 2,000 hedge funders[more]

    Ergen says LightSquared plan unfairly favors hedge funds LightSquared Inc.’s bankruptcy plan gives hedge funds that invested in the broadband company a leg up while blocking telecommunications firms from competing with it, a fund owned by Dish Network Corp. Chairman Charles Ergen said in

  4. Opalesque Exclusive: SEC approves proposed changes to Form ADV, '40 Act - comment period to follow[more]

    Bailey McCann, Opalesque New York: Hedge funds and providers of liquid alternatives will want to pay close attention to proposed reforms approved by the SEC yesterday. The changes will require more frequent reporting, as well as a closer look into social media, liquid alternative strategies, and

  5. New market regime has created more dispersion between managers[more]

    Komfie Manalo, Opalesque Asia: The month of April has marked the transition toward a new market regime, Philippe Ferreira, Lyxor AM’s head of research, managed account platform, commented in the May 5's Weekly Briefing. "The first quart

 

banner