The Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) recently issued a joint statement explaining the application of the federal and state securities laws to investments in opportunity zones.
The joint statement is designed to help participants in opportunity zones understand the securities laws considerations, including whether certain activities require registration of the offering of securities, broker-dealer registration, investment company registration and/or investment adviser registration.
The IPA would like to acknowledge the commitment of the SEC and NASAA in providing guidance on the securities laws aspects of the opportunity zone initiative.
We look forward to continuing the conversation with the PDI community on Qualified Opportunity Zones at IPAVision 2019 in Toronto.