Regulatory Notice 15-02

SEC Approves Amendments to FINRA Rule 2310 and NASD Rule 2340 to Address Values of Direct Participation Program and Unlisted Real Estate Investment Trust Securities

Effective Date: April 11, 2016

Executive Summary

The SEC approved amendments to NASD Rule 2340 (Customer Account Statements) to modify the requirements relating to the inclusion of per share estimated values for direct participation program (DPP) and unlisted real estate investment trust (REIT) securities on account statements, and to FINRA Rule 2310 (Direct Participation Programs) to make corresponding changes to the requirements applicable to members’ participation in public offerings of DPP or REIT securities. The amendments become effective on April 11, 2016.

The amended rule text is available at www.finra.org/notices/15-02.

Questions concerning this Notice should be directed to:

  • Joseph E. Price, Senior Vice President & Counsel, Advertising Regulation and Corporate Financing, at (240) 386-4642;
  • Paul M. Mathews, Vice President & Director, Corporate Financing, at (240) 386-4639;
  • James S. Wrona, Vice President & Associate General Counsel, Office of General Counsel, at (202) 728-8270.