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WASHINGTON, DC—Non-traded REITs would be required to provide more disclosure, and to provide it more often, under rule changes approved by the SEC. First proposed by the Financial Industry Regulatory Authority at the start of 2014, the changes now require broker-dealers to include a per-share estimated value for an unlisted direct participation program or REIT on customer statements. An earlier version of the proposal would have made disclosure of estimated values voluntary.

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