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 the direct participation program (DPP) and unlisted real estate investment trust (REIT) securities on account statements. Corresponding changes were also made to FINRA Rule 2310 (Direct Participation Programs) to the requirements applicable to members’ participation in public offerings of DPP or REIT securities. The amendments become effective on April 11, 2016.
Salient rule changes that will affect disclosure and practice are as follows:
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