More transparency on fees and value changes in portfolios are part of new efforts by the Financial Industry Regulatory Authority to shed light on non-traded REITs. FINRA hopes to submit the proposed rule changes -- described as a "game changer" -- to the SEC by year end. Industry figure Nicholas Schorsch supports the changes but says, "I know it's not popular with the sponsors and I know it's not popular with their advisers, but change isn't always popular."

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