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In this issue: Public Policy Update | 2020 Summer Webinar Topics |
Weekly News Roundup

Public Policy Updates

  • President Trump has renominated Hester Maria Peirce to serve an additional term as a commission of the U.S. Securities and Exchange Commission. Peirce first took her seat in January 2018. If confirmed by the Senate, her second term will expire on June 5, 2025.
  • SEC Chairman Jay Clayton, SEC Division of Investment Management Director Dalia Blass, and others have issued a statement warning that many emerging markets companies lack adequate investor protection standards. 
  • The House Appropriations Subcommittee on Labor, Health and Human Services, Education, and Related Agencies held a hearing June 4 on the nation's response to the COVID-19 pandemic. Dr. Robert Redfield, director of the Centers for Disease Control and Prevention, served as the witness.

Opportunity Zones - Additional Changes from the IRS

Hand drawing of urban scene. Construction concept This week, the Internal Revenue Service provided welcome, additional pandemic-related relief to opportunity zone investors and qualified opportunity zone funds. In IRS Notice 2020-39, five key changes and clarifications are communicated. To read the communication from ADISA on this matter, click here

ADISA Led Discussion with the IRS Regarding the Need for DST Trustees to Respond to the COVID-19 Financial Hardship

Abstract molecules medical blue background Darryl Steinhause, ADISA’s general counsel and partner at DLA Piper, and Dan Cullen, partner at Baker & McKenzie, led a small group discussion with the IRS regarding the need for DST trustees to respond to the COVID-19 financial hardship of their tenants. To read the communication from ADISA on this matter, click here

Office of the Comptroller Responds to Coalition Letter



Brian P. Brooks, acting comptroller of the currency, responded to the coalition letter, sent to federal banking regulators which requested clarification on the April 7, 2020 guidance that encourages financial institutions to work constructively with borrowers impacted by COVID-19.

Quoted in the letter: “We understand the significance of nonbank lenders in the U.S. economy, particularly during the COVID-19 public health and economic crisis, and we support financial institutions’ role to provide financing to nonbank lenders… The interagency statement applies to all lending and financial arrangements, including those with nonbank lenders.”

Furthermore, Brooks states, “We are committed to monitoring the consumer and economic effects of the COVID-19 pandemic, and will not hesitate to take additional action and to provide clarity and guidance as necessary.”

You can view the response letter in its entirety here.

ADISA Summer 2020 Webinar Series Banner

After a successful 2020 Spring Webinar Series, ADISA is gearing up to host a similar series this summer. If you have an educational subject matter that would be appropriate for the webinar series, please contact ADISA Executive Director John Harrison.

The Weekly News Roundup

Number-01 The DI Wire - DOL Takes Another Step Toward Revised Fiduciary Rule

Article excerpt: The U.S. Department of Labor sent its revised fiduciary rule proposal to the Office of Management and Budget on Monday. A draft of the proposed rule, titled Improving Investment Advice for Workers & Retirees Exemption, is not yet available and must be approved by the OMB and sent back to the Labor Department before it is released for public comment.

Number-02 U.S. Department of Labor - U.S. Department of Labor Issues Information Letter on Private Equity Investments

Article excerpt: The U.S. Department of Labor today issued an Information Letter under the Employee Retirement Income Security Act (ERISA) concerning private equity investments as a component of a professionally managed asset allocation fund offered as an investment option for participants in defined contribution plans. 



CBRE - Apartment Turnover Declines Amid COVID-19 Crisis

Article excerpt: The impact of COVID-19 lockdown mandates and economic uncertainty are discouraging renters from moving. The resulting low turnover is helping owners maintain occupancy and cash flows.



National Real Estate Investor - Education and Healthcare Industries Could Drive Additional Data Center Demand

Article excerpt: Although the technology industry has taken the lead in moving data to cloud computing facilities, two other sectors seem set to increase their investment in data center solutions: healthcare and education industries.



JLL - Despite the Pandemic, U.S. Economy May be Reawakening

Article excerpt: High-frequency data suggests that the economy is beginning to reawaken. Varied measures of business activity including truck loads, mortgage applications, new business applications, flight bookings, hotel reservations and distances traveled seemingly indicate that some parts of the economy are starting to expand once again.