Last week, ADISA wrote a letter to Ohio Governor Mike DeWine encouraging him to support certain proposed amendments to the Ohio Revised Code relating to registration for REITs and BDCs. These proposed amendments would have ensured that equity offerings by non-listed REITs are registered by coordination in Ohio, so that such offerings are registered and available for sale to investors in Ohio at the time the SEC registration is declared effective. These amendments also would have ensured that registration of equity offerings by BDCs would be included with all registered investment companies in Ohio, requiring a notice filing with the SEC to register such offerings and become effective with the SEC and in Ohio.

View the letter in its entirety here.

Unfortunately, Gov. DeWine vetoed the securities provision in HB 33 earlier this week, indicating that removing Ohio Department of Commerce’s ability to conduct a merit review of such investment programs would place Ohioans at greater risk. We will keep members informed of any developments.