SIFMA Submits Comments to the SEC on FINRA's Proposed Rule Change Relating to Per Share Estimated Valuations for Unlisted DPP and REIT Securities

The Clearing Firms Committee of SIFMA submitted comments to the SEC on FINRA's proposed rule change to NASD Rule 2340 ("Customer Account Statements"), which relates to estimated values of unlisted Direct Participation Programs ("DPPs") and Real Estate Investment Trusts ("REITs") on customer account statements.

SIFMA stated that while it supports FINRA's efforts to design rules intended to improve customer protection and provide greater transparency in this area, it cannot support approval of the Proposed Rule Change for the same reasons as had been described in SIFMA's previous two comment letters on this topic (on November 10, 2011 and March 12, 2014).

See: SIFMA Comment Letter.Related News: SEC Requests Further Comment on FINRA-Proposed Rule Change Relating to Per Share Estimated Valuations for Unlisted DPP and REIT Securities (Fed. Reg.) (May 23, 2014); SIFMA Submits Comments to the SEC on Unlisted DPPs and REITs on Customer Account Statements (March 12, 2014).