Ohio Division of Securities Includes IPA Requests in New Proposal
The Ohio Division of Securities (Division) released an updated proposal regulating non-traded REITs and BDCs that would establish a clean, federally defined accredited investor exemption to its proposed 10-percent concentration limit. Additionally, the Division has removed a proposed “affiliate restriction” that could have harmed investor access to offerings outside of non-listed products.
This is a direct result of IPA’s steadfast and yearslong advocacy on behalf of the alternatives industry. As previously reported, IPA reinforced concerns about the prior proposal during an in-person stakeholder meeting with the Division on February 27, emphasizing the need for a clear exemption.
This marks a significant victory for the industry, and IPA continues to build on this momentum. We will submit a formal comment in support of the accredited investor exemption by the Division's March 21 deadline.
Importantly, this progress strengthens the case for a similar exemption in future NASAA proposals, including its non-traded REIT proposal, or in other states considering similar regulations.
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