ADISA Career Center

2017

Secretary of Labor Alexander Acosta confirmed that the DOL’s fiduciary rule will become applicable June 9, 2017, with full implementation on January 1, 2018. According to Secretary Acosta, there is no legal basis to further delay the rule.

Once again, ADISA is pleased to announce the launch of an educational video series covering key terms and topics in the alternative and direct investment space. We have partnered with Real Assets Adviser to provide viewers with these valuable educational tools regarding the various product types and issues affecting alternative and direct investments.
 

The month of May has seen a near frantic pace from trade associations in delivering their messages to Capitol Hill in the wake of potential upcoming legislation. In the past two weeks, leaders from ADISA and other trade groups and coalitions have met with several government and regulatory officials to make the case for delaying the DOL Fiduciary Rule, as well as pressing for preservation of the 1031 Like-Kind Exchange in any possible tax reform strategy. 

The current issue of ADISA's flagship publication, Alternative Investments Quarterly, which features a compilation of key articles from the past 10 years, is now available in print and online.

On Tuesday, April 4, the Office of Management and Budget completed its review of a rule issued by the U.S. Department of Labor that delays by 60 days the implementation of the Department’s fiduciary rule, which was issued during the Obama Administration and scheduled to be implemented on April 10. The delay will go into effect immediately after being published in the Federal Register, which is scheduled for Friday, April 7.

ADISA has submitted a comment letter to the Department of Labor in support of its proposal to delay the applicability date of its new Fiduciary Rule and related exemptions by 60 days.

On Friday, the U.S. Department of Labor issued a field assistance bulletin announcing a temporary enforcement policy intended to eliminate any potential confusion regarding the March 2nd proposal by the agency to delay the fiduciary rule adopted during the Obama Administration. The delay is intended to allow the DOL to fulfill the directive issued by President Trump that the agency examine the potential impact of the fiduciary rule and determine whether it should be repealed or replaced. 

The Department of Labor has published in the Federal Register its proposed rule to extend the applicability date of the DOL’s fiduciary rule, which is currently scheduled for implementation on April 10. The DOL is proposing to delay the applicability date of the final fiduciary rule and prohibited transaction exemptions for 60 days. Currently, there are approximately 40 days until the fiduciary rule’s April 10 applicability date.

Earlier today, the Office of Management and Budget announced the conclusion of its review of the Department of Labor’s proposed rule to delay implementation of the Department’s fiduciary rule, which is currently scheduled for implementation on April 10.

ADISA recognizes President Donald Trump and his administration for its decision to delay implementation of the Department of Labor’s fiduciary rule. 

Since the inauguration of President Trump, speculation in regards to a possible delay of the implementation of the Department of Labor’s fiduciary rule has run rampant. Presently, the rule is scheduled to begin implementation on April 10, but ADISA’s sources in Washington, DC, believe some action that will lead to at least a delay is imminent. 

At its first meeting of the year, the new ADISA (the Alternative & Direct Investment Securities Association) Board, elected by the membership in late 2016, selected its 2017 officers. John H. Grady of DLA Piper is currently serving as the 2017 ADISA president, and Keith Lampi of Inland Private Capital Corporation was elected as the 2017 president-elect and will serve as president in 2018. The other ADISA officers elected were: Greg Mausz of Preferred Apartment Communities as vice president; Brian Buehler of Triton Pacific Securities as secretary; and Mark Kosanke of Concorde Investment Services as treasurer. Mike Bendix, ADISA’s 2016 President, will serve the Board as its immediate past president. Catherine Bowman of The Bowman Law Firm was also elected by the Board to serve as a director for a one-year term.
 

2016

Throughout 2016, ADISA’s Legislative & Regulatory Committee worked on behalf of the membership to represent the non-traded alternative investment space in Washington and elsewhere, and to advocate on behalf of the industry in regard to a number of important issues. As 2017 arrives, there is no shortage of important issues for the Association’s membership to focus on, particularly through the efforts of the Committee and its leadership.

ADISA (Alternative & Direct Investment Securities Association), the nation’s largest trade association serving the alternative investment and securities industry, has elected its fifth director to its 2017 board. Peter Magnuson of Securities America will join the new elected 2017 board members:

ADISA (Alternative & Direct Investment Securities Association), the nation’s largest trade association serving the alternative investment and securities industry, has elected four new directors to its 2017 board. Because of a tie, the fifth new director will be determined in a separate run-off election.

Educating Congress and the public regarding Section 1031 of the Internal Revenue Code, which deals with like-kind exchanges, has been at the forefront of ADISA’s advocacy efforts in 2016.

ADISA announces the launch of its interactive, online job board, the ADISA Career Center. With its focus on the financial services industry, the ADISA Career Center offers members an easy-to-use and highly targeted resource for employment connections.

The ADISA 2017 Board of Directors Election is now open, and will close Tuesday, Nov. 29. As a volunteer-run, non-profit trade association, the ADISA Board of Directors is elected by its members. To ensure the widest and fairest range of voters, no single entity is regularly entitled to more than three votes. Thus, if you are in a large company, your company may be well represented even though you personally may not receive an individual ballot unless you are one of the three voting members we have listed on file.

ADISA has submitted a comment letter to NASAA regarding its recent proposed Statement of Policy regarding the use of electronic offering documents and electronic signatures (“Statement of Policy” or “SOP”) dated Oct. 3, 2016. ADISA previously submitted comments on NASAA’s so-named Electronic Initiatives proposal from May 2016.

The Department of Labor has released its first set of frequently asked questions regarding the fiduciary rule and has promised these will be the first of several that will be published in the coming months.

ADISA is pleased to announce the launch of an educational video series covering key terms and topics in the alternative and direct investment space. We have partnered with Real Assets Adviser to provide viewers with these valuable educational tools regarding the various product types and issues affecting alternative and direct investments.

ADISA has created a convenient website to contact your state securities administrator regarding NASAA’s proposed REIT concentration limits. 

ADISA is pleased to announce the 2016 winners of the association's A Champion of Excellence (ACE), Distinguished Service and President’s awards, presented during the welcoming session at the 2016 Annual Conference at The Cosmopolitan of Las Vegas. 

ADISA has submitted a comment letter in response to the North American Securities Administrators Association’s (NASAA) request for public comment on a proposed amendment to its Statement of Policy Regarding Real Estate Investment Trusts (known as the REIT Guidelines).

ADISA joined other real estate and land conservation organizations to co-sign a letter to Secretary of State and Democratic Presidential Nominee Hillary Clinton urging her to preserve the tax law’s longstanding treatment of Like-Kind Exchanges (under section 1031 of the tax code).

ADISA, the nation’s largest trade association representing the alternative and direct investment industry, submitted a joint comment letter with the Investment Program Association (IPA) to the U.S. Securities and Exchange Commission (SEC) in regards to its review of the definition of an “accredited investor.” 

As part of its ongoing outreach efforts to educate Congressional members on alternative and direct investments, ADISA recently sent a mailing to key representatives and senators, with its new pamphlet, “The Guide to Alternative Investments.”
 

The North American Securities Administrators Association, Inc. (NASAA), has requested public comment on proposed amendments to its Statement of Policy Regarding Real Estate Investment Trusts (known as the REIT Guidelines.) The crux of NASAA’s proposed changes to the REIT Guidelines is the introduction of a uniform “concentration” limit applicable to an investor’s purchase of interests in a non-traded real estate investment trust (non-traded REIT or NTR).
 

The release on June 24, 2016, of the tax strategy document “A Better Way: Our Vision for a Confident America” by House Ways and Means Committee Chairman Kevin Brady (R-TX) prompted a renewed call to action by ADISA’s leadership to support like-kind exchanges (Section 1031).

While ADISA appreciates the time and thoughts that went into drafting the Statement of Policy Regarding the Use of Electronic Offering Documents and Electronic Signatures (the “SOP”) and believes that is a step in the right direction with respect to modernizing the state securities laws in connection with the electronic age, there were some concerns.

ADISA proudly represents the non-traded alternative investment space in Washington. Whether in combination with other associations, as part of an issue coalition, or fighting on our own, ADISA’s efforts in 2015-2016 constituted important and additional advocacy for our industry.

ADISA joined other trade associations, representing a broad spectrum of financial services entities, to encourage the U.S. Senate to take up and pass S.J. Res 33, “a joint resolution providing for congressional disapproval under chapter 8 of title 5, United State Code, of the rule submitted by the Department of Labor relating to the definition of the term ‘fiduciary’ and the conflict of interest rule with respect to retirement investment advice.”

ADISA Executive Director John Harrison responded to an article in the New York Times titled "Donald Trump and the Art of the Tax Loophole," May 13, 2016.

ADISA joined other trade associations, representing a broad spectrum of financial services entities, to encourage the U.S. House of Representatives to take up and pass H.J. Res. 88, under the Congressional Review Act, ‘Disapproving the rule submitted by the Department of Labor relating to the definition of the term “Fiduciary.”’

Real Assets Adviser's editor Mike Consul sits down with John Grady, ADISA president-elect and chairman of the legislative & regulatory committee, on the DOL's Regulatory Ruling.

Final rule eliminates asset list, allows financial advisor commissions and extends implementation date
As expected, the Department of Labor released its final fiduciary rule on Wednesday, April 6. ADISA, the nation’s largest trade association representing the alternative and direct investment industry, had been a vocal advocate for changes to the proposed versions of the rule and is pleased that significant revisions were enacted that will protect the retirement choices of American retirement savers who elect to invest in alternative and direct investments.

ADISA, the nation’s largest trade association representing the alternative and direct investment industry, held its 2016 Spring Symposium in San Diego, drawing in nearly 700 alternative investment professionals for networking and education covering the full spectrum of alternative investment products and issues.

At its first Board meeting of the year, ADISA (the Alternative & Direct Investment Securities Association), elected its 2016 officers. Mike Bendix of DFPG Investments is currently serving as the 2016 ADISA President, and John H. Grady of National Fund Advisors was elected as the 2017 President-Elect. The other ADISA officers elected were: Barbara Halper of FactRight as Vice President; Peter Magnuson of Securities America as Secretary; and Mark Kosanke of Concorde Investment Services as Treasurer. Tom Voekler, ADISA’s 2015 President, will serve the Board as its Immediate Past President. Michael Ponticello of SQN Securities was also elected by the Board to serve as a director for a one-year term.

2015

ADISA joined 20 other organizations in signing a letter addressed to Sen. Kevin Brady, Chairman of the House Committee on Ways and Means, thanking him for his leadership in introducing tax extenders legislation that includes powerful measures to spur new investment in U.S. real estate and infrastructure and would create thousands of well-paying jobs in construction and related industries.

ADISA (Alternative & Direct Investment Securities Association), the nation’s leading trade association serving the alternative investment and securities industry, has elected new directors to its 2016 board.

The ADISA 2016 Board of Directors Election is now open, and will close Monday, Nov. 30. As a volunteer-run, non-profit trade association, the ADISA Board of Directors is elected by its members. To ensure the widest and fairest range of voters, no single entity is regularly entitled to more than three votes. 

The Department of Labor’s proposed fiduciary rule will make it harder for middle-income Americans to save and plan for retirement. To help avoid this, ADISA, the Alternative & Direct Investment Securities Association, has partnered with other financial organizations to launch an advertising campaign that encourages public and financial professionals to take action to protect retirement choices by contacting members of Congress.  

ADISA has announced the dates for its 2016 conferences, as well as new membership pricing for sponsors of investment products. 

ADISA, the nation’s largest trade association for the alternative and direct investment space, honored the 2015 winners of the organization’s A Champion of Excellence (ACE), Distinguished Service and President’s Awards, during the welcoming session at the organization’s 2015 Annual Conference at The Cosmopolitan of Las Vegas. 

Charley Wright, host of "Strategic Investor Radio" on OC Talk Radio, interviews ADISA Executive Director/CEO John Harrison about the alternative investments industry and ADISA's upcoming Annual Conference.

Listen to the podcast here:


ADISA’s Board of Directors submitted additional comments on Panel 23 of the August 10, 2015, hearing at which it testified with respect to the Department of Labor’s re-proposed rule defining who is a “fiduciary” by reason of providing investment advice for a fee or other compensation to retirement savers and retirement accounts, as well as the related “Best Interest Contract” Exemption (“BICE” or “BIC Exemption”). 

ADISA announced today, Aug. 3, that it will testify before the Department of Labor on Aug. 13. The testimony will regard the DOL’s proposed regulation defining who is a “fiduciary” by reason of providing investment advice for a fee, or other compensation, to retirement savers and retirement account. The proposed regulation also includes a “best interest contract exemption.” 

ADISA’s Board of Directors submitted the following comments with respect to the Department of Labor’s re-proposed rule defining who is a “fiduciary” by reason of providing investment advice for a fee or other compensation to retirement savers and retirement accounts (herein, the “Fiduciary Rule”), as well as the related “Best Interest Contract” Exemption (“BICE” or “BIC Exemption”).  

"Comprehensive tax reform" continues to gain steam on Capitol Hill, as various members of Congress compete one proposal against another in favor or against Internal Revenue Code Section 1031 Like-Kind Exchanges. ADISA’s CEO/Executive Director John Harrison has been actively advocating in regards to the importance of Section 1031 exchanges on behalf of members, and this week, took the campaign to Capitol Hill.

ADISA has co-signed Statement for the Records to the U.S. House of Representatives Committee on Ways and Means and U.S. Senate Committee on Finance.

ADISA's Legislative and Regulatory Committee along with ADISA’s Board of Directors openly solicit your opinion on the recent Fiduciary Rule Proposal by the Department of Labor as we consider our position and potential comment letter to the DOL. Comments and opinions are due Friday, June 19.

Wednesday, May 6 at 10 am PT/1 pm ET
Find out what the new fiduciary proposal really aims to do – its challenges, requirements, and how it may or may not apply to you. Learn who will be impacted and how. This webinar will not be not aimed at ERISA specialists, but will delve into these issues from both the sponsor and retail broker-dealer point of view.

ADISA (Alternative & Direct Investment Securities Association) has joined a coalition of 18 organizations expressing strong support for Representatives Kevin Brady (R-TX) and Joseph Crowley’s (D-NY) Real Estate Investment and Jobs Act of 2015 and urging members of Congress to cosponsor the legislation. If enacted, this bipartisan legislation would create jobs and stimulate investment in U.S. commercial real estate and infrastructure by providing relief from the Foreign Investment in Real Property Tax Act (FIRPTA).

ADISA recently co-signed an industry letter to Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) in response to their call for stakeholder comments on tax reform.

From John Harrison, ADISA CEO/Executive Director
 
“Comprehensive tax reform” has been the soup du jour in certain circles on Capitol Hill for the past several years, with various members of Congress championing one competing proposal against another.  As momentum for reform builds, Section 1031 exchanges are in the crosshairs of many, including the White House.

ADISA’s Legislative & Regulatory Drafting Task Force has submitted a letter in response to the U.S. Security and Exchange Commission’s request for comments to the proposed rulemaking in connection with revisions to Section 12(g) of the Securities Exchange Act of 1934. 

ADISA (Alternative & Direct Investment Securities Association) has joined a coalition of 16 leading real estate trade associations to support a bill offered by Senator Robert Menendez (D-N.J.) and Senator Michael Enzi (R-Wy.) to reform outdated and discriminatory Foreign Investment in Real Property Tax Act of 1980 (FIRPTA). 

At its first Board meeting of the year, ADISA (the Alternative & Direct Investment Securities Association, f/k/a REISA), elected its 2015 officers. Thomas G. Voekler of Kaplan Voekler Cunningham & Frank is currently serving as the 2015 ADISA President, and Mike Bendix of DFPG Investments was elected as the 2015 President-Elect. The other ADISA officers elected were: John H. Grady of RCS Capital Corporation as Vice President; Keith Lampi of Inland Private Capital Corporation as Secretary; and Mark Kosanke of Concorde Investment Services as Treasurer. Kosanke, ADISA’s 2014 President, will also serve the Board as its Immediate Past President. Derek O’Leary of ICON Securities was also elected by the Board to serve as a Director-at-Large.

ADISA announces the launch of its new user portal. Members now have the ability to access and update membership and contact information, renew memberships, reserve and purchase exhibit space at ADISA events, register to attend ADISA events, and view and pay invoices on a 24/7, easy-access basis. The portal will also serve as the gateway to Members Only information such as past conference presentations and content syllabi, plus articles and additional educational material. 

2014

The Alternative & Direct Investment Securities Association (ADISA, f/k/a REISA) issued a summary of December’s Broker-Dealer Advisory Council (BDAC) monthly telephonic meeting. ADISA invited senior RCS Capital Corporation and Realty Capital Securities representatives, including Louisa Quarto, President, Realty Capital Securities; Mike Weil, CEO, RCS Capital; and John Grady, Chief Strategy and Risk Officer, RCS Capital; to participate in the call with approximately 50 ADISA member participants. 
 

ADISA has joined a coalition of approximately 25 real estate associations and organizations to respectfully request that President Barack Obama omit last year’s proposal to limit real property like-kind exchanges from his fiscal year 2016 budget.

ADISA member and Utah resident Craig Porter-Rollins, who also serves as the ADISA Foundation president, will represent our organization when the Real Estate Like-Kind Exchange Coalition meets with Sen. Orrin Hatch (R-Utah) on December 22. The purpose of the meeting is so the group can explain how devastating 1031 repeal would be to the Utah commercial and investment real estate sector and to the local economy.

ADISA’s conferences have been set for 2015. The 2015 Spring Symposium will be held March 22-24 at the Hyatt Regency New Orleans; the 2015 Due Diligence Forum will be held July 14-15 at the Eden Roc Hotel in Miami, Fla.; and the 2015 Annual Conference & Trade Show will be held Oct. 12-14 at the Cosmopolitan Las Vegas.

ADISA has joined a coalition of 15 leading real estate trade associations in support of an ongoing legislative effort aimed at finding relief from the Foreign Investment in Real Property Tax Act (FIRPTA). Relief from the act is expected to create jobs and stimulate investment in U.S. commercial real estate.

ADISA (Alternative and Direct Investment Securities Association, f/k/a REISA), the nation’s leading trade association serving the alternative investment and securities industry, has elected new directors to its 2015 board.

ADISA's board of directors has voted to support the IRS Section 1031 (like-kind exchange) advocacy efforts of two prominent industry groups – the Real Estate Roundtable and the Federation of Exchange Accommodators (FEA). A repeal of IRS Section 1031 was proposed by Congress in the Tax Reform Act of 2014 earlier this year, and has been under review since. 

The official election slate has been selected, and ADISA's Board of Directors election is scheduled to run for the last two weeks of October. To ensure better representation from all firms, each firm will have up to three members regularly designated as voting. The Board of Directors is then elected by ADISA voting members, who cast votes for each category in the slate.

REISA, the nation’s leading trade association serving the alternative investment and securities industry, announced today its Board of Directors voted unanimously to change the organization’s name to the Alternative and Direct Investment Securities Association (ADISA).

On Sept. 12, REISA's Legislative & Regulatory Committee submitted potential topics to add/revise to NASAA REIT Guidelines, in response to NASAA's Direct Participation Programs Policy (the "Policy Group") request for comments on the 33 items listed in the "NASAA REIT Guidelines: Potential Topics to Add/Revise."

REISA recently sent a high-powered delegation of attorneys and industry leaders to Washington, D.C., to share concerns and exchange views about ongoing regulatory issues affecting the alternative investment space.REISA recently sent a high-powered delegation of attorneys and industry leaders to Washington, DC, to share concerns and exchange views about ongoing regulatory issues affecting the alternative investment space.REISA recently sent a high-powered delegation of attorneys and industry leaders to Washington, DC, to share concerns and exchange views about ongoing regulatory issues affecting the alternative investment space.

FINRA’s letter proposes to extend the effective date of the amendments to no earlier than 18 months following approval from the SEC, providing additional time for non-traded REIT sponsors, brokers and dealer managers to adjust to the new rules.

Legendary NFL champion quarterback Terry Bradshaw will keynote REISA's 2014 Annual Conference, September 14-16, at Caesars Palace in Las Vegas.

REISA’s Legislative & Regulatory Committee has submitted a letter to the SEC in response to FINRA’s proposed amendments to Rule 2340.

REISA’s Legislative & Regulatory Drafting Task Force has submitted a letter in response to the SEC’s request for comments to the proposed rulemaking in connections with revisions to Regulation A, promulgated under Section 3(b) of the Securities Act of 1933, as amended (the Securities Act), as encapsulated in Title IV of the JOBS Act. 

John H. Grady, chief operating officer of Realty Capital Securities and president of National Fund Advisors, has been elected to the REISA Board of Directors. 

REISA, the nation’s leading trade association serving the alternative investment and securities industry, has announced the presentation of two new awards – “Best 2013 Annual Conference Presentation” and “Best 2013 Annual Conference Panel.” 

REISA, the nation’s leading trade association serving the alternative investment and securities industry, announced that its annual Spring Symposium held March 16 – 18 in San Diego will include a keynote address by Professor Ulrike Malmendier of the University of California, Berkeley, discussing behavioral finance and investing, as well as sessions reviewing changes in the regulatory environment, recent developments in alternative investments and how the new advertising rules have impacted the industry.

REISA’s Legislative & Regulatory Drafting Task Force has submitted a letter to the SEC in response to FINRA’s proposed amendments to NASD Rule 2340 – Customer Account Statements – to amend the provisions relating to the inclusion of per share estimated values for publicly registered DPP and REIT securities on customer account statements.

REISA has announced a strategic partnership with Blue Vault Partners to share results of the company’s 2013 Non-traded REIT Full-Cycle Performance Study, which assessed the performance of non-traded REITs that have provided shareholders with full liquidity. The intent of the partnership is to better educate the financial services industry, media and general public.

 

REISA's Legislative & Regulatory Drafting Task Force has submitted a letter to the SEC, in anticipation of release in the Federal Register of SEC SR 2014-006, respectfully requesting an extension of the proposed limited comment period of 30 days to a minimum of 90 days.



The Real Estate and Investment Securities Association (REISA) today relaunched its website, with a completely new look and structure designed to make it easier to navigate and find information. The site includes sections with much clearer access to key REISA information, including the Association’s events, leadership, membership information and news archive.


January 21, 2014—At its first Board meeting of the year, REISA’s Board of Directors elected its 2014 officers. Thomas G. Voekler will serve as the 2014 President-Elect.  Mark Kosanke of Concorde Financial Group is currently serving as the 2014 REISA President. The other REISA officers elected were: Peter Blum of Ladenburg Thalmann as Vice President; Derek Peterson of Walton International Group as Secretary; and Deborah Froling of Arent Fox as Treasurer. 2013 REISA President Michael Weil of American Realty Capital will remain on the Board as Immediate Past President.

2013


REISA (Real Estate and Investment Securities Association), the nation’s leading trade association serving the alternative investment and securities industry, has announced its board members for 2014 and the Award Winners at the 2013 Annual Conference and Trade Show, October 6, at Caesars Palace in Las Vegas.


REISA again took to Capitol Hill to meet with members of Congress and their offices regarding issues important to REISA members. In small teams, those representing REISA visited over 20 offices outlining REISA’s positions on several topics of interest: compensation and taxation issues such as carried interest and entity-level taxation, Dodd-Frank fiduciary standards for broker-dealers, JOBS Act issues and the uncertainty of SEC rules.