NASAA Extends Comment Period on REIT Proposal

By Melanie Waddell

News August 05, 2022 at 11:15 AM

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The North American Securities Administrators Association has extended the comment period on its proposed revisions to its policy regarding real estate investment trusts to Sept. 12.

The original comment deadline was Aug. 11.

NASAA said its Corporation Finance Section Committee received a letter from a group of industry trade groups on Aug. 2 requesting a 30-day extension.

"This proposal is six years in the making following the release of the first iteration back in 2016," said NASAA Corporation Finance Section Committee Chairwoman Andrea Seidt, who also serves as Ohio securities commissioner, in a statement.

"NASAA's existing investor income and net worth standards have not been adjusted for inflation in over 15 years," Seidt said. "If one additional month gives industry stakeholders the time they need to fully frame their thinking and provide data that is responsive to NASAA's proposal, the Committee is more than happy to grant the extension."

The plan also seeks to bring the REIT policy more into line with the Securities and Exchange Commission's Regulation Best Interest.

Melanie Senter Lubin, NASAA president and Maryland securities commissioner, said in a previous statement announcing the plan that the proposed revisions "are aimed at updating and enhancing" NASAA's REIT policy with "key investor protection provisions."

The group said the statement of policy, last revised in 2007, applies to the qualifications and registrations of REITs.

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