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IPA Submits Comment Letter Opposing
NASAA REIT Guidelines


Today marks the close of the comment period on NASAA’s proposed REIT Guidelines. The IPA’s details our legal and policy arguments against the proposal while seeking full withdrawal by NASAA. Our primary arguments include:

  • The proposal attempts to address concerns that the market has already addressed.
  • The proposal would inhibit capital formation.
  • The proposal – particularly the concentration limits – would limit investor choice.
  • State adoption of the proposal may be subject to legal challenge.
  • The proposal would regulate investment advisers and broker-dealers.
  • The proposal would introduce an unwarranted prohibition on the use of proceeds.

Our full comment letter is available here: .

As a result of our in spearheading a joint trades coalition formally requesting the extension with 16 other trade organizations, NASAA agreed to extend the initial comment period an additional 30 days from August 11 to September 12. This extension enabled us to seek feedback from IPA members on NASAA’s proposal and meet with critical industry stakeholders. As of this week, more than 1,300 letters have been sent to NASAA and state regulators through the IPA’s “” grassroots website portal. IPA also created a to provide the latest updates, news, and advocacy documents – including industry and stakeholder comment letters submitted – related to the NASAA proposal.

Most recently, the IPA had the opportunity to inform the latest coverage of this matter from , as well as to record a featured episode of podcast to explain why NASAA’s proposal to establish limits on how much an individual can invest in non-listed REITs and other affiliated products, including non-listed BDCs, is a hindrance to an efficient and functioning market, limits investor choice and creates barriers to portfolio diversification for America’s retirement savers.

Later this week, our team and IPA members will be attending NASAA’s Annual Conference in Nashville, TN, where we will have the opportunity to discuss the proposal directly with NASAA and individual state regulators.

We appreciate the dedication from each of our members to inform our response, support our efforts and voice their concerns with NASAA’s proposal. As always, we will share additional updates on the NASAA proposal as we continue to monitor any developments. You can visit the IPA’s to stay current on all our advocacy initiatives. If you have any questions, please don’t hesitate to reach out.


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