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GATE US, LLC Awarded QMS Approval(December 14, 2011)
NEW YORK, NY -- (Marketwire) -- 12/14/11 -- GATE Technologies wholly-owned subsidiary GATE US has been granted a designation as a QMS (Qualified Matching Service), pursuant to an IRS Private Letter Ruling. The GATE US electronic platform is now approved to facilitate transactions in Limited Partnerships interests.
GATE Technologies CEO Vincent Molinari said, "This QMS designation is a great differentiator for GATE US, the ruling further enables GATE to pursue secondary trading in limited partnerships while continuing to provide a fully compliant, and regulated framework for both the partnerships and potential new investors."
The IRS issued a private letter ruling to Gate US concluding that Gate's operation of a qualified matching service will be in full compliance with US tax laws. The qualified matching service will permit holders of partnership interests to list their partnership interests for sale and will be operated in cooperation with the relevant partnership. The presence of the private letter ruling assures that trades made pursuant to the platform do not trigger the adverse tax consequences associated with a partnership's being classified for tax purposes as a "publicly traded partnership."
For Additional information Please contact GATE at 212-896-3983
About GATE Technologies, LLC
GATE Technologies is an innovative financial technology company creating a new market infrastructure for bringing efficiency, transparency to the unstructured global alternative asset markets. The company offers fully automated, customizable solutions for qualified investors with value-added content and analytics, transparent execution, and dematerialized settlement, clearing, and depository functions. GATE Developing Markets will work together to create the first global common infrastructure for illiquid securities, with a goal of enabling all market participants. www.gatetechnologies.com
About GATE US, LLC
GATE US LLC, a subsidiary of GATE Technologies, LLC, is a New York based broker-dealer that provides customers with an integrated private electronic marketplace for the primary issuance and secondary trading of restricted, illiquid and alternative assets. GATE US offers the GATE Pro platform, an automated, multi-asset class platform that combines content, settlement and clearing services, analytics, and global connectivity to enable qualified investors to research, verify and trade the most complex alternative assets with confidence. GATE gives market participants the transparency, efficiency and liquidity they need to view all market activity, ensure regulatory oversight and lower transaction times. GATE US is a member of FINRA and SIPC, and certified as an Alternative Trading System (ATS) for 144a securities. http://www.gateus.com
GATE TECHNOLOGIES LLC
5 Penn Plaza, Suite 2301
New York, NY 10001
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