Regulatory Notice 09-09

Customer Account Statements and Due Diligence Requirements for Unlisted Real Estate Investment Trusts (REITs) and Direct Participation Programs (DPPs)

FINRA is issuing this Notice to address certain requirements that apply to the per-share customer account statement values and dividend distributions of REITs and DPPs (collectively, "real estate investment programs") that are sold through broker-dealers, invest in real estate and do not trade on a national securities exchange.

Questions regarding this Notice may be directed to:

  • Joseph E. Price, Vice President, Corporate Financing, at (240) 386-4642;
  • Gary L. Goldsholle, Vice President and Associate General Counsel, Office of General Counsel, at (202) 728-8104; or
  • Lisa Jones Toms, Counsel, Corporate Financing, at (240) 386-4661.