Joint Trades Letter to NASAA on Non-Traded REITS

The undersigned associations are writing to express concern about NASAA’s proposed additions to its Statement of Policy Regarding Real Estate Investment Trusts (REITs) (the “Proposal”). We are equally concerned about NASAA’s stated intention to apply these revisions to future Guidelines and products. Our organizations represent a broad spectrum of businesses and investment professionals across the financial services sector. For the reasons discussed below, we urge NASAA to withdraw the Proposal.