Skip to main content

IPA 2021 Policy Priorities Focus on Critical Issues Aimed at Advancing the Industry


The IPA is proud to serve its members as a leading voice on critical legislative and regulatory issues affecting the Portfolio Diversify Investments (PDI) industry. Our Policy, Regulatory and Legal Affairs Committee (PRLA Committee) works tirelessly to coordinate the resources of the IPA and its members to create opportunities for the advancement of critical initiatives via the regulatory and political process.

As we kickoff 2021, the IPA would like to recognize the hard work and dedication of our PRLA Committee. With their effort and input, the IPA has identified the below 2021 Policy Priorities encompassing direct and grassroots advocacy, coalition building, effective communications, and research and data gathering:

  • Fiduciary Standards. Support implementation and compliance with the Securities and Exchange Commission’s (SEC) “Regulation Best Interest,” and oppose additional, conflicting federal or state regulations, guidance or interpretations.
  • Tax Policy. Continue to address tax policy issues, including advocating on the value and importance of 1031 like-kind exchanges (LKE), opposing efforts to repeal LKE transactions, supporting a strong and transparent marketplace for Opportunity Zones (OZ) and further extending the OZ program.
  • FIRPTA Parity. Support an expansion of the publicly traded exception under the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) to include publicly offered stock, as well as full repeal of FIRPTA.
  • Retirement Savings. Address opportunities for including real assets in defined contribution and retirement accounts. Work with the Department of Labor, SEC, market participants and coalition partners to support broader adoption.
  • State Advocacy. Conduct outreach and broaden engagement with state regulatory agencies and NASAA on alternative investment strategies and portfolio diversifying investment (PDI) products and work with individual states on targeted PDI issues.
  • Regulatory Guidance. Continue to work with federal and state regulators on issues impacting the PDI industry, including SEC e-delivery guidance, S-11/Guide 5 revisions, FINRA private placement and DPP rules, BDC initiatives, and other topics.
  • Educate and Inform. Undertake research & data, education initiatives and political engagement to inform industry participants, regulators and legislators about alternative investment strategies and PDI products.

In addition to the above Policy Priorities, the PRLA Committee also recommended critical task force projects, including electronic delivery, ESG policy, diversity & inclusion, and PDI access in advisory accounts. Thank you again to all of our members on the PRLA Committee for joining meetings and brainstorming sessions throughout the last month to determine these 2021 Policy Priorities. Your time, effort and input are invaluable to the success of our advocacy efforts.

We encourage our members to visit the IPA’s for a comprehensive overview of our 2021 Policy Priorities and to stay current on other advocacy initiatives. Please don’t hesitate to reach out if you have any questions.


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