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Written NASAA Statement Regarding the Draft Recommendation Dated September 11, 2025, by the SEC’s Investor as Owner and Market Structure Subcommittees of the IAC Regarding Retail Investor Access to Private Market Assets

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Date: September 18, 2025

Written NASAA Statement Regarding the Draft Recommendation Dated September 11, 2025, by the SEC’s Investor as Owner and Market Structure Subcommittees of the IAC Regarding Retail Investor Access to Private Market Assets

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NORTH AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION™
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NORTH AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION™
750 First Street NE, Suite 990
Washington, DC 20002
202-737-0900
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