The Leading Advocate for Direct Investments

The IPA is the leading voice on critical legislative and regulatory issues affecting the direct investments industry.   Our Policy Advocacy Committee coordinates the resources of the IPA and its members to create opportunities for the advancement of IPA objectives via the regulatory and political process.

Through political advocacy we communicate directly with state and federal lawmakers and industry regulators, educating them about the distinct positive attributes of direct investment products.

The IPA Policy Advocacy Committee regularly monitors and develops political action plans.

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Tracking the Industry’s Critical Legislative Issues


The IPA Policy Advocacy Committee coordinates the resources of the IPA and its members to create opportunities for the advancement of IPA objectives through established regulatory and political processes.

The evolving regulatory and legislative landscape provide a path for the continuing development of the IPA and the direct investment industry.  We will continue to raise awareness of our products to legislators and regulatory officials alike, clearly communicating the distinct attributes our products can offer the investing public.

The IPA is currently tracking progress on a range of critical issues, including:

BDC Modernization Act

BDC Modernization Act

One of the fastest growing sources of capital for small businesses in America are Business Development Companies (BDCs). However, modernization of their regulatory structure is needed. The regulatory structure for BDCs is woefully outdated, and a hindrance on one of the fastest growing sources of capital for small businesses in America. We are asking members of Congress to support common sense, bi-partisan BDC modernization legislation.

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Protecting the 1031 Exchange

Protecting the 1031 Exchange

The Administration’s last two budget proposals would limit the deferral of gain from real property Like-Kind exchanges to $1 million per taxpayer per taxable year. Additionally, proposals to eliminate or dramatically limit Section 1031 of the tax code were offered during the 113th Congress, but were not adopted. Limiting or eliminating Section 1031 Like-Kind exchanges would have a devastating impact on economic development in the United States.

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Accredited Investor Definition

Possible Changes to the Definition of “Accredited Investor”

Since the July 2013 release of the GAO report analyzing the criteria for being considered “accredited investors” under Regulation D of the Securities Act of 1933, a swirl of discussion has begun about possible updates to the definition. The IPA wants to protect the private equity capital formation process during these deliberations.

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A Collaborative Approach to Industry Regulation


The IPA’s Legal and Regulatory Affairs Committee reviews and evaluates regulatory issues that may affect the business objectives of our members. It seeks to educate industry participants about trends and issues and as appropriate, prepare responses and/or position papers by the IPA that have broad industry acceptance. The Committee continues to work closely with our regulatory leaders at NASAA, FINRA and the SEC. Recent issues include:

NASAA Revised Non-Listed REIT Guidelines

The North American Securities Administrators Association (NASAA) is in the process of revising its Non-Listed REIT Guidelines. The IPA supports NASAA in updating the guidelines at this time, and submitted comments on behalf of the industry in September 2014. It is our hope that this open exchange of ideas will ultimately ensure investor protection while encouraging capital formation by promoting coordination and uniformity among the various state and federal statutes.

Changes to Customer Account Statements
(Amendments to FINRA Rule 2310, NASD 2340)

New FINRA regulations effective on April 11, 2016 require a modification to the way non-traded REITs or BDC investments are reflected on customer account statements. The IPA worked collaboratively with FINRA and the SEC to ensure that this new rule provides enhanced clarity for investors, but also provides a sensible transition to the next generation of direct investment products. In addition to the establishment of Valuation Guidelines and continued efforts to develop Uniform Performance Metrics, the IPA remains committed to supporting product innovation that serves as a catalyst to constructively grow the industry.

Advancing Industry Best Practices and Guidelines


The IPA is committed to providing Practice Guidelines on significant industry issues. Best Practice Guidelines are a set of voluntary best practices designed to advance the direct investment industry.


A guideline development process has been established to ensure that IPA members, experts, interested industry participants, and relevant agencies inform the deliberative process and have input in the final content of each guideline. During the Guideline Development Process, pending guidelines will be posted on the members only section of the IPA website for members to see what is under development. A Comment section is available on the website to provide an opportunity for members of the IPA to provide input and comments during the development stages. The Advisor team of the each guideline will receive comments and respond accordingly.

•  Non-Listed REIT Sales Practice Guidelines (expected to be issued in 2016)
•  Non-Listed BDC Performance Guidelines (April 2015)
•  Valuation of Publicly Registered Non-Listed REITs (April 2013)
•  Modified Funds From Operations – MFFO (November 2010)

Comment Letters


Numerous IPA Committees regularly review and evaluate regulatory issues that may affect our industry. Self Regulatory Organizations (SROs), regulatory bodies and industry organizations, such as FINRA, the SEC, NASAA, etc. are monitored regularly for new rules and guideline changes. From time to time the IPA will issue a comment letter on behalf of the membership. The main purpose of the comment letter is to assist/educate the issuing regulatory body or organization when it is considering changing rules, procedures, guidelines or best practices.

Comment Letters

IPA Comments regarding RIN 1210-AB79 - Fiduciary Rule Examination (4/17/2017)