SEC Issues Interpretive Guidance on the Terms "Spouse" and "Marriage" (Fed. Reg.) (with Lofchie Comment)

The SEC issued interpretive guidance clarifying how it will interpret the terms "spouse" and "marriage" in light of the Supreme Court's ruling in United States v. Windsor. The interpretive guidance was published in the Federal Register.

The interpretive guidance stated that the SEC will read the terms "spouse" and "marriage" to include, respectively: (i) "an individual married to a person of the same sex if the couple is lawfully married under state law, regardless of the individual's domicile," and (ii) "such a marriage between individuals of the same sex."

This interpretive guidance became effective as of July 1, 2015.

Lofchie Comment: The rule change will affect a number of definitions under the securities laws, such as that of "accredited investor" in Rule 501 under the Securities Act. Regulated firms and individuals also should give consideration to how they phrase and respond to questions concerning "household members" for significant purposes, such as determining the obligation to provide account statements in order to prevent possible instances of insider trading.

See: 80 FR 37536.