Sun, May 29, 2016
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. Americas - Australian banks sending U.S. hedge funds broke, Ryan Puerto Rico ‘rescue’ bill could be windfall for hedge funds[more]

    Australian banks sending U.S. hedge funds broke From SMH.com.au: US hedge funds are not having the best of years. Profits are hard to find, they're underperforming and the punters are losing patience, withdrawing US$15 billion ($20.8 billion) in the March quarter. They're expected to wit

  2. Investing - Billionaire Wilbur Ross likes the look of Chinese bad loans, Hedge funds are still relevant in a diversified portfolio: 4 fundamental criteria for superior manager selection[more]

    Billionaire Wilbur Ross likes the look of Chinese bad loans From Bloomberg.com: U.S. billionaire Wilbur Ross said he’s considering investing in nonperforming loans in China, as Moody’s Investors Service said that the nation has the tools to prevent a financial crisis in the near term. I’

  3. Investing - Blackstone gives pricey Canadian energy and property thumbs down, One of the most concentrated hedge fund bets is getting crushed, Facebook is hedge funds' new tech darling,[more]

    Blackstone gives pricey Canadian energy and property thumbs down From Bloomberg.com: Canada’s energy assets are uneconomic and real-estate markets overvalued, making them less attractive for investment than in the U.S. and elsewhere, according to Tony James, president of Blackstone Group

  4. Study - Only 30% of institutional hedge fund portfolios beat the benchmark[more]

    Bailey McCann, Opalesque New York: A new study from CEM Benchmarking, an independent provider of cost and performance analysis for pension funds, shows that only 30 percent of institutional investors hedge fund portfolios beat the benchmark after fees. The study provides in depth analysis of real

  5. Opalesque Exclusive: $1bn hedge fund club grows to 668 managers, continues to dominate (Part One)[more]

    Komfie Manalo, Opalesque Asia: Despite an underwhelming 2015 and a slow start to 2016 in terms of performance, one group of managers that continues to dominate the assets of the hedge fund industry is the so called $1bn club – hedge fund managers with at least $1bn in assets under management (AU