WASHINGTON, D.C. – (March 25, 2025) – The North American Securities Administrators Association (NASAA) is requesting public comment on proposed amendments to its Statement of Policy Regarding Real Estate Investment Trusts (REIT Guidelines). Comments are due on or before May 28, 2025.
This proposal follows up on a previous proposal to amend the REIT Guidelines issued by NASAA on July 12, 2022. While retaining substantial portions of the 2022 proposal, one significant change is the removal of the prohibition on the use of gross offering proceeds for investor distributions.
“The REIT Guidelines have not been updated since 2007 despite significant changes in the financial markets and regulatory standards. I appreciate the substantial time and effort put forth by NASAA’s Corporation Finance Section and Corporation Finance Direct Participation Programs Project Group to update these important standards while engaging with industry participants,” said NASAA President and Wisconsin Securities Administrator Leslie Van Buskirk. “NASAA welcomes feedback on this revised proposal.”
The proposed amendments to NASAA’s REIT Guidelines are now available at nasaa.org.
– NASAA–
About NASAA:
Organized in 1919, the North American Securities Administrators Association (NASAA) is the oldest international organization devoted to investor protection. NASAA is a voluntary association whose membership consists of the securities regulators in the 50 states, the District of Columbia, Puerto Rico, Guam, the U.S. Virgin Islands, the 13 provincial and territorial securities regulators in Canada, and the securities regulator in México. For more information, visit www.nasaa.org.
For More Information:
Fred Baldassaro, Director of Communications
fbaldassaro@nasaa.org | 202-737-0900
Karen Grajales, Manager, Communications and Investor Outreach
kgrajales@nasaa.org | 202-737-0900
