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Policy Perspective: Q2 Updates on
IPA’s Policy Advocacy Efforts


As the halfway mark of 2022 approaches, we want to take a moment to share an update with all of you on what we accomplished together in Q2 and our key focuses for the road ahead.

Federal Regulatory Advocacy: This quarter, the IPA continued to support advocacy efforts on issues critical to our members. After successfully for a lengthened comment period on the Securities and Exchange Commission’s (SEC) climate risk disclosure proposal, the IPA submitted its to the SEC by the extended June 17 deadline which critical to the alternatives industry for modifying and improving the proposal. Additionally, on June 13, the IPA submitted a separate along with 10 other industry trade organizations, making additional recommendations specific to the real estate sector. Finally, the IPA sent a detailed on May 9 to the Financial Industry Regulatory Authority (FINRA) on , which was the most significant and far-ranging proposal from FINRA on sales of complex products since 2012.

Federal Legislative Advocacy: The IPA has continued to work on a number of legislative proposals critical to the alternative investments industry. These efforts have included collaborating with the Defined Contribution Alternatives Association (DCALTA) to develop and introduction of the Retirement Savings Modernization Act, legislation that would better facilitate the use of alternative products in defined contribution accounts. We are also working on diligently with a on the , which would ease regulatory burdens for foreign investors in public, non-traded REITs. Finally, the IPA has worked tirelessly since President Biden first proposed changes to the tax treatment of 1031 like-kind exchanges to . As a reminder, our advocacy must remain strong, vigilant and engaged to ensure that policymakers are educated on the value and importance of 1031 like-kind exchanges. Please visit the for more information and updates, including a recently updated , as well as our “” template letter engage directly with your Congressional delegates.

In addition, On June 9th, the U.S. Senate Mike Gerber, a partner at FS Investments, an IPA member, to the Federal Retirement Thrift Investment Board (FRTIB). We look forward to working together with Mike and the FRTIB as we strive to set industry standards for investor protection, education and transparency.

State Meetings & REIT Return of Capital: With the addition of at the beginning of Q2, the IPA and our members have been busy over the past few months meeting with state regulators both at NASAA’s annual conference and individually. Gina’s work to spearhead these efforts complements our ongoing educational outreach and work focused in the state of Ohio, including a sent last month to the Ohio Division of Securities in response to a proposed rulemaking formally incorporating NASAA Statements of Policy and Merit Standards. The IPA also released a new to help address questions from state regulators that were raised during our recent meetings.

In addition, this quarter the IPA was able to continue to advance our industry’s message through several different media features including:

IPAConnect: Finally, last week, the returned, building on the record-breaking attendance at our February event. The June event was attended by more than 166 IPA members, industry executives and thought leaders. Together, we discussed the ever-expanding market for publicly registered offerings, strengthened industry relationships and delivered actionable insights for our members and their businesses. Jason Goode, Shannon McNulty, Doyle Bartlett and Gina Gombar had an engaging discussion on recent regulatory and legislative issues.

As always, we will share additional updates on these efforts as they advance. We encourage our members to visit the IPA’s website to stay current on all our advocacy initiatives. If you have any questions, please don’t hesitate to reach out to Tony or me.

Thank you for your continued support,

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