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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......................

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