NAREIT’s Public Non-Listed REIT (PNLR) Council met in Washington, D.C., on Thursday, May 19.

The group, numbering almost 30, heard from several speakers on current and possible future regulatory and legislative impacts on the sale of their securities, their operations and their accounting practices.

Rep. Peter Roskam (R-IL) started the day with a discussion about the likelihood of tax reform in 2017, the future of like-kind exchanges and the debate over the Department of Labor’s so-called fiduciary rule, which imposes a fiduciary standard on investment advice provided to retirement plans and individual retirement accounts. Additionally, representatives of the U.S. Chamber of Commerce Center for Capital Markets Competitiveness offered their views the fiduciary rule.

The council also discussed the challenges of implementing FINRA’s Regulatory Notice 15-02 regarding the valuation of PNLRs on customer account statements.  Members of NAREIT’s Policy and Politics team and outside experts summarized several federal legislative policy initiatives, proposed revisions to the North American Securities Administrators Association’s REIT guidelines affecting PNLRs, and the Securities and Exchange Commission’s proposed revision to the definition of “accredited investor.” Representatives of the Investment Program Association (IPA) also provided an update on its work on many of these issues.

(Contact: Bonnie Gottlieb at bgottlieb@nareit.com)


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