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IPA 2020 Advocacy Priorities

Dear Members and Friends,

Thank you again to all of our members who participated in this year’s Policy & Government Affairs Strategic Planning Retreat in Scottsdale, AZ, especially those who led our strategic discussions –– Jason Goode, Alston & Bird; Mark Quinn, Cetera; Martin Dozier, Alston & Bird; Deborah Froling, Kutak Rock; Dan Cullen, Baker McKenzie; and Seth Hertlein, FS Investments. Your time, feedback and insight are invaluable in advancing critical advocacy initiatives on behalf of the PDI industry.  

Based on our discussions and member input, below are the IPA’s 2020 Advocacy Priorities.  This information is also available on our website at:

  • Retirement Savings.  Address opportunities for including real assets in defined contribution and retirement accounts.  Work with the Department of Labor, Securities and Exchange Commission (SEC), market participants and coalition partners to support broader adoption.
  • SEC Harmonization Initiative.  Support expansion of the accredited investor definition and advocate for additional changes addressed in the SEC’s harmonization proposal, including expansion of private exemptions, defined contribution access, and closed end fund reforms. 
  • Fiduciary Standards.  Continue to support implementation of the SEC’s “Regulation Best Interest” and a re-proposed DOL fiduciary rule that aligns with Regulation Best Interest.  Oppose additional and conflicting state fiduciary standards.
  • FIRPTA.  Support initiatives regarding the Foreign Investment in Real Property Tax Act of 1980, including an expansion of the publicly traded exception to include publicly offered stock, withdrawal of Section 2 of IRS Notice 2007-55, and repeal of FIRPTA. 
  • 1031 Like-Kind Exchanges.  Support education and advocacy on the value and importance of 1031 like-kind exchanges.  Oppose efforts to repeal 1031 exchange transactions.  
  • Opportunity Zones.  Continue to support a strong and transparent marketplace for opportunity zones, as established by the 2017 Tax Cuts and Jobs Act.  Work with coalition partners in opposing legislation to restrict or repeal opportunity zone, and support further extension of the program.
  • Regulatory Guidance.  Continue to work with federal and state regulators on issues impacting the PDI industry, including sales of DPP products through discretionary accounts, S-11/Guide 5 revisions, and Section 199A guidance. 
  • Educate and Inform.  Undertake research, data initiatives and educational opportunities to inform industry participants, new entrants, regulators and legislators about alternative investment strategies, best practice guidelines, and market evolution.

As most of you are aware, a key goal in our strategic plan is to champion a regulatory environment that expands access to PDIs and advances transparency, innovation and efficiencies for the industry. With your commitment we can make meaningful progress toward this goal and our advocacy initiatives. 

Lastly, don’t forget to register for IPASummit & Capitol Hill Day 2020 taking place April 27-30 in Washington, D.C.  This impactful event gives you the opportunity to meet with key legislators and regulators and will feature speakers from the SEC, FINRA and NASAA, as well as individuals from leading IPA partner firms, about the evolving PDI marketplace and other issues that will impact your business and the future of the industry.


Anya Coverman
SVP, Government Affairs and General Counsel
Institute for Portfolio Alternatives