SIFMA provides comments to the Securities Division of the Commonwealth of Massachusetts, the Ohio Division of Securities, the Securities Division of the Arizona Corporations Commission, the Securities Division of the New Mexico Regulation and Licensing Department, the North American Securities Administrators Association, Inc (NASAA) and the Department of Insurance, Securities and Banking Regulation on the proposed amendments to the NASAA Statement of Policy for Direct Participation Programs.  The proposal would revise the suitability standards in the NASAA Guidelines and Statements of Policy as to Asset Backed Securities, Commodity Pool Programs, Equipment Programs, Mortgage Programs, Oil and Gas Programs, Omnibus Guidelines, Real Investment Trusts, and Real Estate Programs. SIFMA believes that the proposed amendments to exclude retirement assets from the calculation of an investor’s net worth, and to limit investment concentration to 10 percent of the purchaser’s net worth are restrictive and could have significant adverse consequences for investors.