POLICY ADVOCACY
The Leading Advocate for Portfolio Diversifying Investments
The IPA is the leading voice on critical legislative and regulatory issues affecting the Portfolio Diversifying Investments (PDI) industry. Our Policy, Regulatory and Legal Affairs Committee coordinates the resources of the IPA and its members to create opportunities for the advancement of IPA objectives via the regulatory and political process. Through policy advocacy, we communicate directly with state and federal lawmakers and industry regulators, educating them about the distinct positive attributes of PDIs.
POLICY PRIORITIES
POLICY ADVOCACY THAT ADVANCES THE INDUSTRY
We support increased investor access to these alternative investment strategies with low correlation to the equity markets as part of a diversified portfolio. Such strategies include real estate, public and private credit and other real assets. Through advocacy and industry-leading education, the IPA has raised awareness of portfolio diversifying investments among stakeholders and market participants, including investment professionals, policymakers and the investing public. With over $260 billion in capital investments, these investments remain a critical component of an effectively balanced investment portfolio and serve an essential capital formation function for national, state and local economies.
Below are the IPA’s 2023 policy priorities:
Industry Leading Advocacy, Investor Choice, Access to Alternatives, Education
1) PROTECT INVESTOR CHOICE
Protect investor choice from regulatory overreach. Oppose federal and state regulatory expansion that significantly reduces investor access to alternative investment products. Reduce regulatory barriers to the registration and offering of alternative investment products.
• Capital Formation Policy Solutions
• Regulatory Overreach
• NASAA REIT Guidelines and Concentration Limits
• Accredited Investor Definition
• Private Placement Exemptions (Rules 506(b) and (c))
2) ENHANCE INDUSTRY EDUCATION
Provide financial professionals, investors, policymakers, and stakeholders with educational resources, including research and regulatory information, needed to understand the benefits of investing in alternative investment products. Enable financial professionals to better examine opportunities for investing in alternative investment products.
- Portfolio Diversifying Investments Education
- Impact of Federal and State Regulatory Proposals
- Alternative Product Structures and Strategies
- Alternative Product Sales and Marketing
3) EXPAND RETIREMENT SAVINGS
Increase opportunities for Americans to better meet their retirement financial needs by expanding access to alternative investments products in defined contribution accounts. Support efforts to broaden investments in individual retirement accounts. Promote bi-partisan policies to help retirement savers achieve financial security.
- Alternatives in Defined Contribution Plans
- Alternatives in Individual Retirement Accounts
- DOL Qualified Plan Asset Manager
4) PROVIDE OPERATION SOLUTIONS
Lead industry efforts to develop research, data, and operational solutions to help advance access to alternative investment products and adoption of best practices. Serve as the voice for sponsors and distributors as they address issues of national importance and develop robust, consistent standards that will lead to sustainable industry growth.
- SEC and DOL ESG Proposals (Including Climate Disclosure)
- Independent Contractor Status
- Electronic Delivery of Investor Communications
- Data Privacy and Cybersecurity
- Technology and Efficiency in Straight Through Processing
5) ENSURE HARMONIZED STANDARDS
Advocate for a harmonized best interest standard of conduct for financial professionals. Promote investor choice of professional financial guidance and ensure affordable access to financial advice.
- SEC Regulation Best Interest Compliance and Enforcement
- DOL Fiduciary Proposal and Existing Exemptions
- Harmonized Federal-State Standards of Conduct
- FINRA Exam and Risk Monitoring Program
6) PRESERVE TAX TREATMENT
Protect the current tax structure and favorable tax treatment for alternative investment products. Pursue opportunities to make alternative investment products more tax-advantaged, affordable, and accessible.
- FIRPTA Parity for Non-Traded REITs Act
- FIRPTA Regulations Impacting REITs
- Extension of the IRS’ Qualified Opportunity Zone Program
- Importance of 1031 Like-Kind Exchanges
- Parity for BDC Tax Treatment
7) SAFEGUARD SENIOR INVESTORS
Ensure senior investors are appropriately protected and have choices in meeting their financial needs, including access to portfolio diversifying investments. Encourage responsible governance, operational excellence and sound business practices that protect senior investors.
- Investor Protection Initiatives Affecting Alternatives
- Policy Solutions Protecting Seniors and Vulnerable Adults
- FINRA Trusted Contact Persons
- Complex Product Education and Awareness
8) PROMOTE INNOVATION AND INCLUSION
Enhance the recruitment and opportunities for professionals entering the industry. Collaborate and establish best practices to build a diverse, equitable and inclusive workforce. Support the creation of innovative alternative investment products.
- Innovation and Policy Solutions for Alternative Products
- Industry Best Practice Guidelines and Standardization
- Recruitment and Mentorship Opportunities
- Diversity, Equity and Inclusion Initiatives
INDUSTRY GUIDELINES
Bringing Industry Together on Best Practice Guidelines
The IPA is committed to providing Best Practice Guidelines on significant industry issues. Best Practice Guidelines are a set of voluntary best practices designed to advance the Portfolio Diversifying Investments (PDI) industry.
A guideline development process has been established to ensure that IPA members, experts, interested industry participants and relevant agencies inform the deliberative process and have input in the final content of each guideline. During the Guideline Development Process, IPA members will have an opportunity to provide input and comments during the development stages. The Advisor team of each guideline will receive comments and respond accordingly.
OTHER RESOURCES
COMMENT LETTERS
ACTIVE VOICE ON CRITICAL LEGISLATIVE AND REGULATORY ISSUES
The IPA is the leading voice on critical legislative and regulatory issues affecting the Portfolio Diversifying Investments (PDI) industry. Our Policy and Government Affairs Committee coordinates the resources of the IPA and its members to create opportunities for the advancement of IPA objectives via the regulatory and political process.
Through policy advocacy, we communicate directly with state and federal lawmakers and industry regulators, educating them about the distinct positive attributes of PDIs. The IPA Policy and Government Affairs Committee regularly monitors and develops political action plans.
2023
- Joint Coalition Letter to SEC on Conflicts of Interest Associated with the Use of Predictive Data Analytics by Broker- Dealers and Investment Advisers – (9/19/23)
- Joint Coalition Letter to the SEC on the Negative Impacts of the Safeguarding Proposal on Investors, Market Participants, and the Financial Markets – (9/12/23)
- Joint Coalition Letter to SEC on Conflicts of Interest Associated with the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisers Proposal – (9/11/23)
- Industry Coalition Letter Extension Request on SEC Predictive Data Analytics Proposal – (8/15/23)
- IPA Submits Letter to FINRA on Regulatory Notice 23-09 – (8/7/23)
- IPA Submits Letter to House Financial Services Committee in Support of H.R. 2627 – (5/24/23)
- IPA Submits Letter to House Financial Services Committee on Markup of Legislation – (4/26/23)
- IPA Submits Comment Letter to Ohio Securities Division on Proposed Amendments to Rule 1301:6-3-09 Registration by Qualification – (4/12/23)
- IPA Submits Supplemental Comment Letter to Ohio Securities Division on Rule 1301:6-3-09 Registration by Qualification – (2/28/23)
- Industry Coalition Supplemental Comment Letter to Ohio Securities Division on Rule 1301:6-3-09 Registration by Qualification – (2/28/23)
- Industry Coalition Letter to Members of Congress on IRS Proposed Look-Through Rule – (3/1/23)
- IPA Submits Comment Letter to IRS on FIRPTA and Proposed Regulations Impacting the Determination of Domestically Controlled REIT Status – (2/27/23)
- Industry Coalition Letter to Treasury on FIRPTA and Section 892 Proposed Regulations – (2/27/23)
- IPA Submits Comment Letter to Ohio Securities Division on Ohio Division of Securities Rule 1301:6-3-09 Registration by Qualification – (2/3/23)
- Industry Coalition Comment Letter to Ohio Securities Division on Ohio Division of Securities Rule 1301:6-3-09 Registration by Qualification – (2/3/23)
2022
- Industry Coalition Comment Letter to DOL on the Independent Contractor Classification Proposal – (12/13/22)
- Industry Coalition Letter to IRS to Extend Remote Notarization – (11/30/22)
- IPA Submits Comment Letter on NASAA’s Proposed Revisions to the Form U-1 – (10/22/22)
- IPA Submits Comment Letter to NASAA on Proposed Revisions to REIT Guidelines – (9/12/22)
- Real Estate Industry Coalition Letter to NASAA on Proposed Revisions to REIT Guidelines – (9/12/22)
- Financial Services Industry Coalition Letter to NASAA on Proposed Revisions to REIT Guidelines – (9/12/22)
- Retirement Industry Coalition Letter to NASAA on Proposed Revisions to REIT Guidelines – (9/12/22)
- Industry Coalition Letter to NASAA on Proposed Revisions to REIT Guidelines – Extension Request – (8/2/22)
- IPA Submits Comment Letter to SEC on Climate-Risk Disclosure Proposal – (6/17/22)
- Industry Coalition Letter to SEC on Climate-Risk Disclosure Proposal – (6/13/22)
- IPA/DCALTA Coalition Letter In Support of Retirement Savings Modernization Act – (5/12/22)
- IPA Submits Comment Letter to Ohio Securities Division on Revised Rule 1301:6-3-09 – (5/9/22)
- IPA Submits Comment Letter to FINRA on Regulatory Notice 22-08 (Complex Products) – (5/9/22)
- Industry Coalition Letter to SEC on Extension to Climate-Risk Disclosure Proposal – (4/14/22)
- Industry Coalition Letter to SEC on Length of Comment Periods – (4/5/22)
- IPA Submits Comment Letter to SEC on Share Repurchase Disclosure Modernization Proposal – (3/28/22)
- Industry Coalition Letter to OMB on DOL NPRM – PTE Procedure Extension – (3/24/22)
- Industry Coalition Letter to DOL on DOL NPRM – PTE Procedure Extension – (3/23/22)
- Industry Coalition Letter in Support of the “Economic Continuity and Stability Act” (LIBOR) – (2/28/22)
2021
- Industry Coalition Letter in Support H.R. 4616, the “Adjustable Interest Rate (LIBOR) Act” – (12/7/21)
- IPA Submits Comment Letter to Rep. Maloney on PRIA Act of 2021 – (10/26/21)
- IPA Submits Comment Letter to Chairman Richard Neal on Sec 138312 – (9/15/21)
- Industry Coalition Letter to Senate Finance/House Ways & Means on Budget Reconciliation – (9/7/21)
- Industry Coalition Letter to Sen. Kennedy on 1031 Budget Amendment – (8/20/21)
- IPA Submits Comment Letter to Ohio Rep. Jean Schmidt on Securities Division Letter – (3/29/21)
- IPA Submits Comment Letter to Ohio on Securities Division Rule Review – (3/21/21)
- IPA Submits Coalition Letter to Senate Finance and House Ways and Means Committee Chair and Ranking Members Supporting Like-Kind Exchanges – (3/16/21)
- IPA Submits Coalition Letter to Treasury Secretary Janet Yellen Supporting Like-Kind Exchange – (3/16/21)
- EIG OZ Coalition Comment Letter on CRA ANPR – (2/16/21)
- IPA Submits Comment Letter to SEC on FINRA Proposed Rule Change Relating to Private Placement Filer Form Under FINRA Rules 5122 and 5123 – (1/27/21)
- IPA Letter to Ohio Securities Division on Use of Gross Offering Proceeds to Fund Distributions – (1/19/2021)
2020
- IPA Submits Response to Ohio Securities Bulletin Regarding Issuer Advertising – (8/12/20)
- IPA Submits Comment Letter on DOL Fiduciary Proposal – (8/5/20)
- IPA Submits Comment Letter on Proposed Updates to Valuation Practices – (7/31/20)
- IPA Submits SEC Comment Letter Regarding Updates to Retirement Space – (7/10/20)
- IPA Submits Comment on SEC Exempt Offering Rule Proposal – (6/25/20)
- IPA Submits Response to Ohio Securities Bulletin Regarding Non-Listed REIT Valuations – (5/22/20)
- IPA Submits Letter to DOL Regarding Defined Contribution Plans – (5/21/20)
- IPA Joins Coalition Letter Seeking Clarifications for Loan Modifications – (5/15/20)
- IPA Joins Coalition Letter Urging Clarification for 1031 Deadlines – (4/20/20)
- IPA Joined an Industry Coalition Letter Requesting Clarification Around Qualifications for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) – (4/16/20)
- IPA Submits Letter to Treasury and Federal Reserve on Main Street Lending Program (MSLP) – (4/16/20)
- Emergency Relief for Delaware Statutory Trusts Owning Real Property – (4/14/20)
- IPA Submits Comment Letter – LKE Delay Letter to Treasure COVID-19 – (3/23/20)
- IPA Submits Comment Letter – Urgent Appeal to Congress Emergency Support for Associations and Nonprofits – IPA ASAE – (3/23/20)
- IPA Submits Comment Letter – Accredited Investor Definition Proposal – (3/16/20)
- Coalition Letter: IPA Submits Letter to NASAA Regarding Concerns Around Regulation Best Interest Implementation Survey – (2/24/20)
- IPA Submits Comment Letter on Investment Adviser Advertisements and Payments to Solicitors – (2/11/20)
- Proposed Regulations – Fiduciary Conduct Standard Massachusetts Securities Division – (COALITION LETTER) – (1/6/20)
- Proposed Regulations – Fiduciary Conduct Standard Massachusetts Securities Division – (COMMENT LETTER) – (1/4/20)
2019
- Sens. Isakson-Menendez Letter to Treasury Secretary Mnuchin on IRS Notice 2007-55 – (12/18/19)
- Real Estate Group Letter Requesting Delay in Implementing Partnership Tax Return Forms – (11/22/19)
- Final Joint Trades Letter in Opposition to H.R. 1815, “SEC Disclosure Effectiveness Testing Act” – (10/25/19)
- Concept Release on Harmonization of Securities Offering Exemptions File No. S7-08-19 – (9/24/2019)
- Dan Cullen and Darryl Steinhause Written Testimony to Treasury Department on Second Set of QOZ Regulations – (7/9/19)
- Comments on Proposed Regulations Concerning Proposed Regulations Regarding Investing in Qualified Opportunity Funds (REG-120186-18) – (8/14/19)
- IPA Letter to MA Securities Bureau – (7/26/19)
- Joint Trade Association Letter on MA Fiduciary Proposal – (7/26/19)
- IPA and DCALTA – Ongoing Efforts to Diversify Defined Contribution Plan Portfolios – (7/22/19)
- IPA Joins EIG Opportunity Zones Coalition Comment Letter on REG-120186-18 – (7/1/19)
- IPA Joins Novogradac Opportunity Zones Working Group Comment Letter on REG-120186-18 – (7/1/19)
- IPA Comment Letter on REG-120186-18 – (6/28/19)
- IPA Letter on Waters Amendment to Defund Regulation Best Interest – (6/26/19)
- IPA Comment Letter on New Jersey Fiduciary Proposal – (6/14/19)
- IPA Joins Industry Coalition Comments on New Jersey Fiduciary Proposal – (6/14/19)
- IPA Comment Letter on Securities Offering Reform for Closed-End Investment Companies – (6/10/19)
- 2019 Letter from Coalition Requesting Action on Tax Treaties
- IPA Comment Letter on BDC Fund of Funds Arrangement – (5/1/19)
- IPA Joins Real Estate Coalition in Supporting the Invest In America Act
- Maryland Consumers Best Interest Coalition – Senate Letter – (3/13/19)
- Maryland Consumers Best Interest Coalition – House Letter – (3/13/19)
- IPA Comment Letter on Maryland House Bill 1127 – Financial Consumer Protection Act of 2019 – (3/13/19)
- IPA Comment Letter on Maryland Senate Bill 786 – Financial Consumer Protection Act of 2019 – (3/13/19)
- Nevada Joint Trades Letter on Fiduciary Standard Proposal – (3/05/19)
- IPA Comment Letter on Nevada Fiduciary Standard Proposal – (2/28/2019)
- Dan Cullen’s Written Testimony to Treasury Department on Qualified Opportunity Zone Regulations – (02/13/19)
- IPA Comment Letter to Treasury Department on Proposed Regulations for Qualified Opportunity Zones – (02/08/19)
- Guidance Regarding Investing in Qualified Opportunity Funds (REG-115420-18)
2018
- IPA Joins Novogradac Opportunity Zones Working Group Comment Letter on REG-115420-18 (12/27/18)
- IPA Joins EIG Opportunity Zones Coalition Comment Letter on REG-115420-18 (12/27/18)
- IPA Joins Industry Coalition Against NJ Fiduciary Proposal (12/14/18)
- IPA Comment Letter on New Jersey Fiduciary Duty Rule Pre-Proposal (12/14/18)
- IPA Joins Coalition in Support of Invest in America Act (H.R. 6726) (11/21/18)
- IPA Comment Letter on 199A Regulations (10/1/18)
- IPA Comments on SEC’s Regulation Best Interest Proposal (8/7/18)
- IPA Support for S.2765 – Fair Investment Opportunities for Professional Experts Act – (6/20/18)
- IPA Support for H.R. 6021 – Small Business Audit Correction Act of 2018 – (6/20/2018)
- IPA Support for S. 3004 – Small Business Audit Correction Act of 2018 (6/20/2018)
- IPA Joins Industry Coalition Encouraging Treasury Department For Fair Treatment Of Cost Basis For 1031 Exchanges (6-8-2018)
- IPA Letter of Support for H.R. 5051, the “Public Company Registration Threshold Act” (3-14-18)
- IPA Comment Letter to SEC on Standards of Conduct for Investment Advisers and Broker-Dealers (2-15-18)
2017
- IPA Letter of Support to House Ways & Means Committee Chairman Kevin Brady (11-13-17)
- IPA Letter of Support to Senate Finance Committee Orrin Hatch (11-13-17)
- IPA Participates in Amicus Brief to Supreme Court – South Dakota v. Wayfair (11-03-17)
- IPA Statement of Support for Small Business Credit Availability Act (11-03-17)
- IPA Comments on H.R. 1585 – Fair Investment Opportunities for Professional Experts Act (10-19-17)
- IPA Requests Delay of DOL Fiduciary Rule Until July 1, 2019 (09/15/2017)
- IPA Joins Coalition Comments to State of Nevada Regarding Fiduciary Rule (08/25/17)
- IPA Comments on IRS Notice 2017-38: Temporary Regulations under Section 752 – Request to Rescind Bottom – Dollar IPA Payment Obligation Regulations (08/07/2017)
- IPA Comments to DOL on Extension to Applicability Date of Fiduciary Duty Rule to January 1, 2018 (07/21/2017)
- IPA Urges Senator Orinn Hatch to Preserve the 1031 Like-Kind Exchange (7/17/2017)
- IPA Joins Like-Kind Exchange Coalition in Comments to Senator Orinn Hatch on Tax Reform (7/17/2017)
- IPA Request for Comments Regarding FINRA Rules Impacting Capital Formation (7/14/2017)
- Real Estate Coalition Statement on Tax Reform – House Committee on Ways (6/1/2017)
- Real Estate Coalition Statement on Tax Reform – Senate Committee on Finance (6/1/2017)
- IPA Urges Secretary Acosta to Delay Fiduciary Rule Implementation (4/28/2017)
- IPA Comments regarding RIN 1210-AB79 – Fiduciary Rule Examination (4/17/2017)
- IPA Submits Proposals to Foster Economic Growth to Senate Banking Committee (4/14/2017)
- IPA Comments on FINRA RN 17-06: Proposed Amendments to Rule 2210 – Communications with the Public (3/27/2017)
- IPA Requests Delay of Applicability Date of DOL Fiduciary Duty Rule (3/16/2017)
2016
- IPA Requests Delay of Applicability Date of DOL Fiduciary Duty Rule (3/16/2017)
- IPA Request to Trump Administration to Delay Implementation of DOL Fiduciary Duty Rule (11/15/2016)
- NASAA Proposed Amendments to Statement of Policy Regarding REIT Guidelines (09/12/16)
- IPA Supports 1031 Exchanges – A Letter to the Trump Campaign (09/16/16)
- IPA Supports 1031 Exchanges – A Letter to the Clinton Campaign (9/9/2016)
- SEC Review on Accredited Investor Definition (09/6/2016)
- Modernization of SEC Regulation S-K (07/21/16)
- NASAA Electronic Documents and Electronic Signatures (06/01/16)
- Simplification of Disclosure Requirements for Emerging Growth Companies (03/29/16)