IPA Joins Ohio Division of Securities Hearing Examining Oversight of Non-Traded REITs and BDCs
On February 27, IPA staff represented the alts industry before Ohio state regulators during a productive hearing that examined non-traded REITs and BDCs. Although the Ohio Division of Securities has proposed codifying a 10-percent concentration limit for investors, the IPA received commitment from regulators that they would establish a “clean accredited investor carveout” for the concentration limit. This represents a positive step in our industry's conversations with Ohio securities regulators and reflects IPA's steadfast advocacy on behalf of our members.
During the hearing, IPA staff also voiced opposition to excluding retirement assets from accredited investor eligibility calculations, which the Division has previously proposed. This undue exclusion would be out of step with federal accredited investor guidelines and would especially harm retail investors. We are optimistic that accredited investor eligibility will not exclude retirement assets and IPA staff remains vigilant to preserve this essential component of the accredited investor definition.
IPA will submit additional comments to the Division, which are due March 14.
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