The North American Securities Administrators Association (NASAA) reportedly shelved its proposed revisions to its Statement of Policy Regarding Real Estate Investment Trusts.

The revisions would have required state legislators to cap the amount of non-traded alternative strategies in individual investor portfolios at 10% and included other changes. NASAA announced the change in course during its national meeting in San Diego last month, as reported by staff from the Institute for Portfolio Alternatives who were present. 

According to DIWire, NASAA has yet to state the course change formally. Andrew Hartnett, Iowa's principal securities regulator and the immediate past president of NASAA, confirmed the news at the Alternative & Direct Investment Securities Association annual conference in Las Vegas during a legislative and regulatory update panel. 

NASAA had initially unveiled the proposal in early July 2022, with a 30-day comment period. After an extension due to pressure from industry trade groups, the measure was essentially shelved last year following significant pushback.

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