The Supreme Court’s decision to overturn DOMA and recognize same-sex marriages at the federal level has drastically changed tax and employee benefits laws. It may also change SEC rules in the near future.
Under current SEC rules, certain offerings of stock by small companies can only be made to accredited investors. Entrepreneurs rely heavily on these offerings to raise venture capital. One of the ways that an individual can become an accredited investor is by having a minimum net worth or salary, either alone or with her spouse. The minimum wealth requirements are generally easier to meet with a spouse than they are for an individual to meet on her own.
As a result, one law firm has called for the SEC to amend their regulations to permit same-sex couples to use the spousal requirements for accredited investor status. If the SEC agrees to the change, it will enable many same-sex couples interested in angel investing to pursue more opportunities.
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