FINRA Notice 13-18: Communications with the Public on Unlisted Real Estate Investment Programs (with Lofchie Comment)

FINRA is issuing this Notice to provide guidance to firms on communications with the public concerning unlisted real estate investment programs. The Notice defines "unlisted real estate investment programs" as REITs or DPPs that invest in real estate assets or mortgages and that are not listed on a national securities exchange.

Lofchie Comment: There is nothing in the Notice that is novel, but some of the requirements as to the contents of the communications are quite specific. Accordingly, firms should review their existing communications carefully against the Notice and be certain that the requirements of the Notice are embedded in their marketing procedures.

See: FINRA Reg. Notice 13-18.