Will NASAA's REIT Plan Sync With Reg BI? — SEC Roundup

Welcome to SEC Roundup, a bimonthly video series by Paul Hastings partners and former Securities and Exchange Commission senior trial counsels Nick Morgan and Tom Zaccaro exploring current SEC topics with thought leaders and industry experts.

In this episode, Morgan and Zaccaro talk with Anya Coverman, general counsel at the Institute for Portfolio Alternatives, about the two competing models of regulating nontraded REITs — the SEC’s and the one put forth by the North American Securities Administrators Association.

NASAA floated a plan that seeks to bring its REIT policy more into line with the SEC’s Regulation Best Interest.

The comment period on NASAA’s proposed revisions to its policy regarding real estate investment trusts closed on Sept. 12.

NASAA is considering a proposal that would prohibit investors from pursuing certain investment strategies despite the fact that the SEC already requires nontraded REITs to be registered.

See the video above for the discussion with Coverman.