FINRA recently signaled a continuing focus on the marketing of real estate-related products by issuing a Regulatory Notice expressing concerns about communications involving unlisted, or non-traded, real estate investment trusts (REITs) and real estate direct participation programs (DPPs).
While the Notice does not break new ground, FINRA explained that its recent reviews of communications have revealed compliance deficiencies in this area. In addition, some of the themes emphasized in the Notice reflect concerns expressed in recent FINRA disciplinary actions, as well as in FINRA’s 2013 Regulatory and Examination Priorities Letter. Private real estate funds that engage FINRA-registered placement agents should carefully consider these issues.
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