2019

ADISA submitted a letter to several members of Congress yesterday urging them to withdraw Section 2 of IRS Notice 2007-55, which pertains to the treatment of liquidating distributions of a real estate investment trust.

We thank everyone who attended our Annual Conference & Trade Show, an exciting event where industry experts provided the latest information on investment products and regulatory updates, as well as tips and tools to help attendees grow their business and navigate today’s markets. Industry members came out in droves and we set an attendance record with more than 1,000 educators, regulators and industry leaders

ADISA submitted a letter this week to the Securities and Exchange Commission’s request for comments concerning its Concept Release on Harmonization of Securities Offerings Exemption. In the letter, ADISA responded to one topic in particular and supported an expanded “accredited investor” definition mentioned in the Concept Release.

ADISA’s government relations team met with regulators in New Jersey earlier this week to discuss the state’s impending fiduciary rule. ADISA board member and former president, John Grady (Practus), along with Thomas Rosenfield (HillStaffer), attended the meeting.


ADISA is pleased to announce an important expansion of its publication efforts, particularly Alternative Investments Quarterly (AIQ) and ADISA’s monthly eNewsletter, The ADISA Advocate. AIQ will begin a new robust electronic version in addition to the popular print product.

ADISA submitted a letter Friday, July 26, to the Office of the Secretary of the Commonwealth, Massachusetts Securities Division, regarding its proposed regulation “to apply a fiduciary conduct standard on broker-dealers, agendts, investment advisers (“IAs”), and investment adviser representatives when dealing with their customers and clients.”

ADISA joined major financial services trade associations as a signatory to a letter to the Office of the Secretary of the Commonwealth, Massachusetts Securities Division, regarding proposed regulation “to apply a fiduciary conduct standard on broker-dealers, agents, investment advisers, and investment advisor representatives when dealing with their customer and clients.”

ADISA president Greg Mausz, Preferred Capital Securities, noted today that, “ADISA appreciates the SEC’s concept release on harmonizing security offering exemptions. This includes private offerings as well as the accredited investor definition — matters that are crucial to our industry. In the past few years these exemptions have grown more complex, and ADISA and other trade associations in the investment space are certainly willing to take a look at a comprehensive review.” 


ADISA joined SIFMA and other major financial services trade associations as signatory to a letter to the New Jersey Bureau of Securities’ request for comments on the state’s draft fiduciary duty regulations. 

ADISA submitted a letter today and a petition to the New Jersey Bureau of Securities’ request for comments on the state’s draft fiduciary duty regulations.

Right now, the New Jersey Bureau of Securities is considering a proposed regulation that will impact all Broker-Dealers and their registered representatives in the state.

On Wednesday, June 5,, the U.S. Securities and Exchange Commission voted to adopt Regulation Best Interest, which will require that broker-dealers and registered representatives act in the best interest of their clients.

ADISA’s 2019 president, Greg Mausz (Preferred Apartment Communities) and ADISA’s executive director, John Harrison, recently met in Washington with the leadership of NASAA (North American Securities Administrators Association) and various congressional offices to advance the mission of the retail alternatives investment industry.

Regulation Best Interest and other items impacting the alternative direct investment industry are headed to a vote on June 5th, the U.S. Securities and Exchange Commission has announced via an open meeting agenda posted on its website.


ADISA's executive director, John Harrison, reviews current academic research touching our space and brings it to you in condensed, one-page highlights.

In response to Nevada Secretary of State's Office Securities Division's for comments on Nevada's draft fiduciary duty regulations, ADISA submitted its own letter, as well as signed on to an industry coalition letter, expressing key concerns. 

ADISA responded and provided feedback on the 2018 Examination Findings issued by FINRA last month.

2018

To add to its earlier efforts on the NJ Fiduciary Rule, ADISA has joined major financial services trade associations as signatory to a letter to the chief of the New Jersey Bureau of Securities in response to the state’s uniform fiduciary standard pre-proposal. Along with our coalition partners, we highlight within the letter the very problematic aspects of the state’s proposal.

ADISA’s Immediate-Past President, John Grady of DLA Piper LLP, provided comments on New Jersey’s Pre-proposed Amendment 2018-004, known as the Fiduciary Rule, at a hearing conducted by the New Jersey Division of Consumer Affairs and its Bureau of Securities on November 19, 2018, in Newark, New Jersey.
 

ADISA responded to the U.S. Department of the Treasury’s request for comment on Section 199A of the IRC, describing how confusion may result as an unintended consequence in the IRS’ definition of Unadjusted Basis Immediately After Acquisition (UBIA).

ADISA, the nation’s largest trade association representing the non-traded alternative and direct investment space, announced today that NBA legend and Naismith Memorial Basketball Hall of Fame inductee Earvin “Magic” Johnson will keynote its 2018 Annual Conference & Trade Show at the ARIA Resort & Casino in Las Vegas on October 8-10.

ADISA is pleased to provide you with a brief update on recent legislative and regulatory news of importance to our members, including the Senior Safe Act signed into law; SEC Regulation Best Interest comment period open; Nevada fiduciary law update; and IRC Section 199A letter to the Treasury.

ADISA recently submitted comments to FINRA’s office of the corporate secretary in response to FINRA’s Regulatory Notice 18-08, which seeks comments on proposed Rule 3290, which would replace current FINRA Rule 3270 (Outside Business Activities of Registered Persons) and FINRA Rule 3280 (Private Securities Transactions of Associated Persons).

The State of California has recently proposed legislation (AB 2529) that would require 3 1/3% withholding taxes owed to California when net gains on investment properties are used for out-of-state investment properties in order to ensure that future tax owed to California could be collected.

2017

The U.S. Department of Labor released a final rule yesterday that extends the existing transition period for compliance with certain exemptions, including the Best Interest Contract Exemption (or BICE), until July 1, 2019.

Last week, House Republicans released a proposed tax bill, the Tax Cuts and Jobs Act, which seeks to enact the most significant federal tax reform since 1986. If passed into law in its current form, the bill would do a number of things.
 

ADISA submitted a comment letter to the Nevada Deputy Secretary of State for Securities regarding Nevada Senate Bill 383 (referred to as the “Nevada Fiduciary Law”) and the implementing regulations being drafted by the State’s Securities Division.

As part of its ongoing advocacy efforts on preserving 1031 Like-Kind Exchanges in any possible tax reform strategy, ADISA recently sent a mailing to key Congressional staff members that included the new “Guide to Like-Kind Exchanges,” which presents easy-to-read information on Like-Kind Exchanges—how they work and their real value to the economy.

ADISA has partnered with the financial publishers, Lightbulb Press, to publish an educational and informative “Guide to Like-Kind Exchanges.”

Under the recently published proposal, the transition period would extend until July 1, 2019
ADISA submitted a comment letter to the Department of Labor’s Office of Exemption Determination, EBSA, regarding its recent proposal to delay for 18 months the special transition period for the Prohibited Transaction Exemptions of its fiduciary rule.

ADISA has once again joined major financial services trade associations and organizations in co-signing a letter to the Nevada Securities Administrator regarding SB 383 (now known as Ch. 322, Laws of 2017).

ADISA (the Alternative & Direct Investment Securities Association) has announced that the 43rd President of the United States George W. Bush will address attendees at our 2017 Annual Conference & Trade Show.

Last week’s Due Diligence Forum, at The Fairmont Chicago, was an astounding success, with record attendance in each member category.

ADISA responded to FINRA’s request for comment as set forth in Regulatory Notice 17-14, which addresses the aspects of operations and processes impacting capital formation currently governed by or expressed in various FINRA rules.

ADISA recently submitted a comment letter to FINRA regarding the Regulatory Notice 17-15: Corporate Financing to the FINRA Corporate Financing Rule 5110.

ADISA has joined major financial srevices trade associations and companies in co-signing a letter to the Nevada Securities Administrator regarding implementation of the recently signed bill, SB 383.

As the House Committee on Ways and Means meets to consider how tax reform can create jobs, increase paychecks and grow the economy, and the Senate Committee on Finance meets to consider budget and tax priorities, ADISA, along with 21 other national real estate organizations, submitted statements to both committees expressing views on tax reform and commercial real estate.

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.
 

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.

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. 

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.

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. 

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 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 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.

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.

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’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”).  

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 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 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 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.

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.

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, 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'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 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.