IPA Members Deliver Remarks at NASAA Broker-Dealer and Agent Examination Conference

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ELLICOTT CITY, Md., Nov. 21, 2013 (GLOBE NEWSWIRE) -- Executives from three member firms of the Investment Program Association (IPA) delivered comments at the North American Securities Administrators Association (NASAA) Corporation Finance Training conference held in Pittsburgh on November 15.

During the Alternative Investments panel, more than 90 NASAA conference attendees heard comments delivered by:

  • Peter M. Fass, Partner, Proskauer Rose LLP;
  • Cynthia M. Krus, Partner, Sutherland Asbill & Brennan LLP;
  • Wallace W. Kunzman, Jr., Kunzman & Bollinger, Inc.

Among the topics the panel discussed were a comparison of private and public offerings, the strengths of third-party due diligence firms, and the IPA guideline covering valuation.

Mr. Fass reviewed various aspects of non-listed REITs, including significant features of the product and areas of regulatory concern and measures to address them. He also spoke about the significant capital needed to launch and sustain a non-listed REIT offering.

Commenting on business development companies (BDCs), Ms. Krus discussed the regulation of BDCs under the Investment Company Act of 1940; valuation and compliance requirements, including an independent board of directors; and obligatory quarterly valuations.

Mr. Kunzman reviewed private placements and oil & gas, including prominent product features; a discussion of FINRA Rule 2310, which limits the underwriting compensation to 10% of the gross offering proceeds from any source; and new possibilities under Regulation D.

About The Investment Program Association

The Investment Program Association (IPA) was formed in 1985 to provide effective national leadership for the direct investment industry. The IPA supports individual investor access to a variety of asset classes not correlated to the traded markets and historically available only to institutional investors. These investments include public non-listed REITs (NLREITs) and Business Development Companies (BDCs), Energy and Equipment Leasing Programs, and private equity offerings. For the last 28 years, the IPA has successfully championed the growth of such products, which have increased in popularity with financial professionals and investors alike. Direct investments are held in the accounts of more than 2 million individual investors. The mission of the IPA is advocating direct investments through education. Access the wealth of IPA educational materials here, or visit the IPA online for more information about becoming a member.

To stay up-to-date with IPA news, follow @IPADirectInvest on Twitter.

CONTACT: MEDIA CONTACT: John McInerney | Makovsky | 212.508.9628 | jmcinerney@makovsky.com

Source:Investment Program Association