Paul also indicated he expects many non-securitized sponsors to switch over to the securitized platform if the exemption is granted. Indeed, he later confirmed for TIC Monthly that SCI is prepared to switch to a securitized TIC platform assuming the exemption details what the sponsor expects it to state. "We've been fighting for commercial real estate brokers to be able to advise their clients," Paul said at the open forum.

The TICA board forum also included an update on new and future TICA initiatives, including the evaluation of a possible certification program and a rejuvenation of the association's political action committee and member political outreach "so we can improve our grassroots lobby," Patricia DelRosso, TICA president and president of Inland Real Estate Exchange Corp., said. The forum also included reports from the BD forum and similar forums for sponsors and registered reps that took place earlier in the day. Each TIC business constituency identified areas to focus on for industry improvement.

Greater disclosure by TIC investment sponsors, particularly in deal risk analysis and in disclosure of the sponsors' prior performance track record was stressed during the BD forum. "We need more disclosure," said one panelist, Jeff Rose of CapWest Securities Inc. "We need to have the sponsors working with us."

From the audience, Shanon Ford, president of Pacific West Financial Group, urged his fellow BDs to push for greater performance information from TIC sponsors for both deals that have gone full-cycle and current TIC programs. "We're all foolish if we as BDs don't demand a meaningful track record in the PPM," he said. "Everybody's getting ready for problems that likely are already happening and are going to happen," he said, adding that despite his firm's considerable due diligence staff, he feels as though he does not really know how sponsors are performing.

"Disclosure is one of the most important things," reiterated Snyder Kearney LLC partner Todd Snyder, another audience member and chair of TICA's due diligence and compliance committee. "There is a wide variation in the amount of disclosure." TICA's ethics and standards committee and best practices task force have recommended a number of revisions to TICA's "Best Practices Guide," including the recommendation that "information concerning the financial performance of all currently operating and completed offerings previously sponsored by the sponsor of the current offering or any of its affiliates should be included in the PPM," according to a draft of the recommended changes, which has been distributed to TICA members and conference attendees for their feedback.

It remains to be seen whether, generally speaking, BDs and sponsors will see eye-to-eye on past and current performance disclosure. But best practices was one area identified at the sponsors forum calling for focus, reported William Winn, TICA president-elect and president of Passco Cos. Others included: a need for more sponsor participation in committees and the association in general; timeliness and specific information requests of third-party due diligence reports and evaluating the good and not-so-good in third-party due diligence as well as in managing BD services. And participants at the registered rep forum, reported William Sours, a rep with K-One Investment Co., came to a number of conclusions, including that it's time to have a more standard methodology for evaluating each deal and whether that is something a rep wants to introduce his or her client to.

Editor's Note:Look for more coverage of the TICA conference in the November issue of TIC Monthly.