Canonical page: https://sequoia-research.com/writing/problems-with-delaware-statutory-trust-questions-to-ask-about-control-and-decision-making
Author: Sequoia Research
Published: 2026-10-18T02:04:00.238Z
Updated: 2026-10-18T02:04:00.238Z

# Problems With Delaware Statutory Trust: Questions to Ask About Control and Decision-Making

## What Is This Article About?

This article explains how to check control before buying a Delaware statutory trust interest. It separates the right to receive facts from the power to approve, block, or carry out an action. Original examples show how those rights can affect property work, cash payments, loans, and a sale. The aim is to map who can decide what under the actual terms.

## Table of Contents

- [Start With the Decision You Want to Control](#start-with-the-decision-you-want-to-control)
- [Separate State-Law Authority From Federal Tax Conditions](#separate-state-law-authority-from-federal-tax-conditions)
- [Identify the Entity Behind Each Role](#identify-the-entity-behind-each-role)
- [Ask Who Can Change Property Operations](#ask-who-can-change-property-operations)
- [Trace Who Controls DST Distributions and Reserves](#trace-who-controls-dst-distributions-and-reserves)
- [Test Financing Responses Through Separate Approval Gates](#test-financing-responses-through-separate-approval-gates)
- [Read Voting Rights With the Correct Denominator](#read-voting-rights-with-the-correct-denominator)
- [Distinguish a Veto From the Power to Solve a Problem](#distinguish-a-veto-from-the-power-to-solve-a-problem)
- [Examine Removal and Replacement as Different Steps](#examine-removal-and-replacement-as-different-steps)
- [Follow Sale Authority Through Closing and Payment](#follow-sale-authority-through-closing-and-payment)
- [Keep Your Transfer Rights Separate From a Property Sale](#keep-your-transfer-rights-separate-from-a-property-sale)
- [Read the Control Changes in a Successor Structure](#read-the-control-changes-in-a-successor-structure)
- [Make Information Requests That Address the Decision](#make-information-requests-that-address-the-decision)
- [Check Conflicts Without Assuming Bad Intent](#check-conflicts-without-assuming-bad-intent)
- [Build a Decision Map Before You Commit Capital](#build-a-decision-map-before-you-commit-capital)
- [FAQ](#faq)

## Start With the Decision You Want to Control

The useful question is not simply whether investors have control. It is which action an investor can require, permit, prevent, or learn about. Those powers can differ even within one agreement. A broad statement such as “investors have a voice” does not answer any of them precisely.

Begin with the event that concerns you. You may want the property sold by a certain year, the manager replaced after poor results, or a cash payment maintained during repairs. Write that desired action in plain language before looking for the clause that addresses it.

Then separate four rights. An information right lets you learn something. A voting right lets you participate in a stated decision. A consent right may let you prevent an action until conditions are met. A direction right may let you instruct someone to act. The name alone does not establish how broad the right is.

A request for comments may provide useful feedback without any of these legal powers. An investor meeting can explain a planned sale without making the sale subject to a vote. Read what the notice asks you to do and what happens if you do nothing.

Control also has a cost side. Someone able to approve a repair may still need funding, staff, permits, or another party's consent. An investor can prefer a different choice without possessing the means to carry it out. Separate authority from resources and from expected results.

Throughout this article, Rowan Crossing is an invented investment used for teaching. Its amounts, contracts, rights, and events are assumptions, not terms of a real DST. The examples do not establish that any proposed action is legally available or preserves a particular tax result.

## Separate State-Law Authority From Federal Tax Conditions

The legal form alone does not tell you the complete control arrangement. The governing instrument and related agreements matter. A state-law power also does not settle the federal tax treatment of using that power.

Delaware's law generally places management with trustees unless the governing instrument says otherwise. That instrument sets the trust's governing terms. It may assign rights and grant or withhold votes for stated actions and groups. Read those terms; the law does not promise a vote on every major event. [Delaware Code, title 12, section 3806(a)–(b)](https://delcode.delaware.gov/title12/c038/sc01/index.html#3806).

IRS Revenue Ruling 2004-86 concerns a particular trust with limited powers. Its tax analysis depends on limits on changing the investment. Its exchange result also requires the other section 1031 conditions to be met. Under its facts, added powers can change how the entity is taxed. This does not mean every Delaware trust has the same powers. An owner vote does not by itself cure a tax problem. [IRS Revenue Ruling 2004-86, analysis and holdings](https://www.irs.gov/pub/irs-drop/rr-04-86.pdf).

Use separate questions for separate reviews. Who has authority under the documents? Which outside approvals are required? What tax effect could the action have? A yes to one question is not a yes to the other two.

For example, an agreement might describe a response to financial distress. That description still needs review for its trigger, procedure, new legal structure, and tax effects. A short sales explanation should not replace those steps. Ask qualified legal and tax advisers to identify which provisions apply to the proposed action.

Keep their conclusions tied to the version reviewed. An opinion about the original structure may not answer a later amendment. If the planned response changes, record what must be reviewed again before relying on an earlier conclusion.

## Identify the Entity Behind Each Role

A brand can appear on several parts of an investment. The trust, sponsor, trustee, property manager, master tenant, and broker may have different duties. A helpful contact at one firm does not automatically have authority to bind the others.

Start a role map with exact legal names and the agreement that gives each role its power. Add the action the role can take. When one person works for several related companies, identify the capacity in which that person is acting for the decision at hand.

For the invented Rowan Crossing packet, assume the following limited assignments:

| Role | Assumed task in this teaching example | Question still to answer |
|---|---|---|
| Trust decision-maker | Approves the property budget within defined limits | What actions require another approval? |
| Property manager | Carries out approved maintenance and collection work | Which changes fall outside the approved scope? |
| Lender | Reviews matters requiring consent under the loan | What must be delivered before consent is effective? |
| Investor contact | Sends notices and collects questions | Can this person make a binding commitment? |

This table does not assign these powers to a real entity. It shows why the same word, such as manager, can be too vague. A property manager's authority to hire a repair vendor may differ from a trust manager's authority to approve the budget.

Trace the document chain when a role is delegated. Identify the party giving the authority, the recipient, the allowed task, and any limit. Ask who remains responsible for oversight. Delegating a task does not prove that every related decision was also delegated.

Record gaps directly. “Authority not established from the supplied packet” is more accurate than guessing from a title. That note tells the next reviewer what to request without alleging that the person has no authority at all.

## Ask Who Can Change Property Operations

Operational decisions can affect cash long before a property sale. Rent concessions, repairs, staffing, and collection practices deserve attention. The investor's question is which choices can be made within an existing plan and which need further approval.

For a separate invented leasing proposal, assume a tenant would pay $24,000 a month for twelve full months. The proposed deal instead gives three of those months free. First-year stated cash rent falls from $288,000 to $216,000, a $72,000 difference before other costs.

That calculation does not decide whether the proposal is wise or permitted. Perhaps the alternative is a long vacancy; perhaps a better tenant is available. Neither fact is supplied. Ask who can evaluate those alternatives, who can sign, and which documents support the decision.

Do not assume that a leasing task belongs to the trust itself. A master tenant, which leases a property and may rent it to others, can be part of the structure. The relevant agreement must identify the party and its powers. This example does not determine whether any new lease fits a real trust's tax restrictions.

Separate a budget approval from an approval of every later contract. A budget may allow a type of work but place limits on each purchase. Ask whether a dollar limit applies per invoice, per project, or across a period. Several invoices for one project still add up to the cost of that project.

An investor may have no day-to-day vote and still benefit from good reporting. Request the approved plan, major changes, and reasons for those changes. The purpose is to understand how authority is used, rather than to imply a right to direct routine property work.

## Trace Who Controls DST Distributions and Reserves

A projected payment is a financial assumption, while authority to declare or release cash is a governance question. Find the provision that connects them. Ask what cash can be retained, for what uses, and subject to which limits.

In the Rowan Crossing cash model, $9 million of equity and $6 million of allocated debt fund a $15 million offering. Uses are a $13.5 million property, $600,000 of initial costs, and $900,000 of reserves. A 3% investor contributes $270,000. The headline investor loan-to-value ratio is 40%; a separate acquisition ratio is 44.44%, rounded.

Annual rent is $1.65 million. Property costs of $600,000 already include modeled management fees. The remaining cash pays $360,000 of interest, $60,000 of separate trust costs, $120,000 of current work, and $60,000 into reserves. This leaves $450,000 for owners, or 5% of equity. The 3% owner's share is $13,500.

Assume a hypothetical clause permits an extra $80,000 retention for a stated future need. If used, the owner payment falls to $370,000. Closing reserves become $1.04 million: the opening $900,000 plus the planned $60,000 and extra $80,000. The 3% owner receives $11,100, or $2,400 less cash that year.

The retention is a cash allocation, not another expense already deducted from operations. It also is not a finding that management can retain any amount for any reason. The assumed permission must be replaced with the actual clause in a real review.

Ask whether the retained amount remains available for all owners, is restricted for a specific purpose, or belongs to another entity. Also ask what reporting explains its later use. Less cash paid today and money permanently spent are different outcomes.

## Test Financing Responses Through Separate Approval Gates

A financing response needs more than a willing lender. The borrower must have authority, the proposed terms must be accepted, and required conditions must be met. Tax and structural consequences need their own review.

Track each step on its own. Has the action been proposed or approved within the trust? Has an outside party consented? Are the papers signed, funds ready, and terms in effect? This is a way to organize evidence. The actual documents may require a different order.

In an independent invented extension case, required cash is $75,000 for the extension, $30,000 for separate legal and report costs, and $80,000 for a forecast operating shortfall. Total need is $185,000. Only $150,000 is available for those uses, leaving $35,000 unfunded.

Assume the lender is willing to approve the extension once the agreed conditions are met. That willingness does not supply the missing $35,000. Nor does it establish that the trust has power to enter the arrangement. An investor vote, if one exists, would not create cash either.

Ask who can commit funds and whether the support is binding, capped, conditional, or merely discussed. Do not label an unfunded promise as available cash. If funds sit in a restricted account, identify whether the intended use is allowed before adding them to the budget.

This loan case is separate from the annual cash model. Its $80,000 gap already includes the receipts and routine payments for the extension period. Do not deduct it again from a full budget for that same period.

The practical question is what remains open after each approval. A consent might leave a funding condition unresolved. A signed amendment might take effect only after payment. Record the missing condition rather than treating one completed step as the entire solution.

## Read Voting Rights With the Correct Denominator

A vote matters only within the action and threshold stated in the documents. Count the right interests, identify the eligible group, and distinguish participation from approval. Do not assume one investor has one vote or that every interest votes on every question.

In a separate invented example, there are 1,200 eligible voting interests. Holders of 780 respond. Of those, 480 vote yes. Support is about 61.54% of responding interests, but only 40% of all eligible interests.

Assume the particular clause requires more than half of all eligible interests. The proposal needs more than 600 yes interests. Its 480 do not meet that test. A headline saying that most respondents supported the action would be mathematically true but insufficient to establish approval.

Now use a different invented clause, not a second rule applied to that vote. It excludes 120 interests from the eligible group and requires at least two-thirds of the remaining 1,080. The threshold is 720. If 715 support the action, the proposal is five interests short.

Those thresholds are invented for this example. They are not Delaware default voting rules. A real clause may group owners into classes or count economic shares. It may require other approval levels or conditions. Ask counsel which votes count and which action the rule covers.

Also examine timing. Which holdings determine eligibility? What notice is required? Can a response be changed, and by when? A count can be numerically correct while using an outdated ownership list or a vote on the wrong version of a proposal.

A readable vote record states the exact motion and document version. It shows who could vote, who responded, and the result against the required threshold. The share of returned forms is not a substitute for that test.

## Distinguish a Veto From the Power to Solve a Problem

The ability to block an action is different from the ability to order a better one. A consent right may protect an investor from a particular change while leaving the current problem unresolved. Evaluate what happens after either a yes or a no.

Suppose an invented repair proposal requires $180,000. The trust has $250,000 in relevant cash, but the model assumes it must retain a $100,000 minimum. Only $150,000 is available for the work without another permitted change. The funding gap is $30,000.

An approval to proceed does not erase that gap. A veto also does not repair the property. The decision record should show the lawful funding alternatives, any cost of delay, and who has authority to choose among them. This article does not assume those alternatives are available.

For a separate permitted alternative, assume the required minimum is formally reduced from $100,000 to $70,000 by all necessary parties. That makes $180,000 available. It does not create $30,000 of new cash; it changes how much of the existing $250,000 can be used. After paying for the work, $70,000 remains.

This arithmetic illustrates the difference between permission and resources. It does not recommend reducing reserves. The smaller balance could leave less room for another need. A complete decision would examine that risk and the conditions supporting the change.

Ask what the right lets you do. Can you only reject the proposal? Can you name a different contractor, require a new plan, or start another process? Check for each power in the contract. A favorable vote should not be described as creating powers that the terms do not grant.

## Examine Removal and Replacement as Different Steps

Removing a decision-maker and installing a successor are separate tasks. A removal clause may have triggers, notice requirements, voting rules, or limits on who can serve next. Read the entire process before treating replacement as a practical remedy.

Start with the trigger. Does the clause address a defined breach, a court finding, a stated event, or a vote without cause? Those are different tests. A poor financial result alone may not satisfy the selected contract's definition. This article does not determine whether any real person can be removed.

Then ask who can start the process and what evidence is required. An unhappy investor's email may open a discussion without serving as a valid notice. Ask counsel what form to use, who should receive it, and when it is due. Also ask which facts must support it.

Next identify the replacement mechanism. Who nominates the successor? Who approves it? Are qualifications, lender acceptance, or other conditions required? If the proposed person declines, what happens next? A successful removal vote may still leave these questions unanswered.

Use an original transition example to see the cash effect. Assume a properly approved change requires a $35,000 one-time handoff expense and a $15,000 temporary overlap in services. Total transition cost is $50,000. If the relevant account has $120,000 available, it falls to $70,000 after those costs, before any other activity.

That example assumes both expenses are distinct and authorized. It does not imply that replacing a manager always costs this amount, or that the new manager will improve returns. The governance review should include continuity of records, access to accounts, reporting, and unfinished work as well as the cost.

## Follow Sale Authority Through Closing and Payment

The power to decide when to sell deserves its own review. Ask who can hire a broker, set a price, accept an offer, sign a contract, and approve final adjustments. Those tasks may be connected without belonging to the same person.

A target hold period is not a sale instruction from each investor. Determine whether owners have a vote, a limited consent, an information right, or no stated role in a particular sale decision. Also ask which outside conditions can prevent an approved transaction from closing.

Use a separate Rowan Crossing sale illustration. A $13.2 million price less 3% selling costs leaves $12.804 million. Subtract $6 million of loan principal and $100,000 of separate closing costs, then add $500,000 of available closing reserve cash. Net owner cash is $7.204 million. Assume no other claims or retained amounts.

A 3% owner receives $216,120. This is $53,880 below the original $270,000 contribution. No full investment gain or loss is calculated because prior payments are not supplied. An approval of the property price does not by itself establish the owner's complete result.

For a separate decision branch, suppose waiting nine months raises the sale price to $13.5 million. At the same 3% selling-cost rate, the price improvement adds $291,000 before the extra holding period. Assume $220,000 of additional net holding costs, already after the period's receipts. They use part of the modeled $500,000 reserve cash, leaving $280,000. With other terminal items unchanged, net owner cash is $7.275 million. That is a $71,000 nominal improvement over the sell-now case.

That branch is a forecast, not a probability or a reason to wait. It excludes the value of time and any unlisted change. Ask who can choose the path, what evidence supports it, and what happens if the later sale is unavailable. Control over the choice cannot guarantee the forecast.

## Keep Your Transfer Rights Separate From a Property Sale

Your need to exit may arrive before the trust plans to sell. Read the provisions for transferring your own interest separately from the property's sale process. A right to request a transfer is not a guaranteed buyer, price, or redemption.

The SEC explains that private securities can be hard to resell and may carry both securities-law and contractual limits. That is a reason to examine the actual transfer process and prepare for an extended hold. It does not establish the specific consent terms of an unseen DST agreement. [SEC private-placement bulletin, updated September 21, 2026](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/private-placements-under-regulation-d-updated-investor-bulletin).

In an invented household example, an owner needs $90,000 and has $25,000 of other available cash. The $65,000 gap does not create a right to demand money from the trust. A planned distribution or reported property value cannot be counted as available cash unless the relevant payment can actually occur in time.

In a separate hypothetical transfer, assume a qualified buyer offers $260,000 and the seller pays $5,000 of distinct transaction costs. Net cash is $255,000. Against a $270,000 initial contribution, that is a $15,000 capital gap before considering prior cash or tax. Neither the buyer nor the transaction is real.

Ask which party verifies the buyer, who can consent, whether the loan adds conditions, and what documents show completion. Also ask whether any stated fee applies to the seller, buyer, trust, or more than one party. Do not infer a fee payer from a headline amount.

Keep the household deadline and the transfer process separate in the record. A document request, accepted offer, approved transfer, and received payment are different milestones. The last one determines when the owner can use the money.

## Read the Control Changes in a Successor Structure

A distress response can change the legal vehicle or the investor's rights. Do not assume that the original control map continues unchanged after a conversion, transfer, or other restructuring. Read the documents for the next stage as a new set of terms.

Ask what triggers the change and who can initiate it. Is it automatic after a defined event, subject to a particular decision, or only one available option? Then identify the approvals, notices, and conditions that must be satisfied. A brief reference to flexibility is not a complete procedure.

Use a comparison sheet with the same actions on both sides. Who sets the budget, takes on debt, sells assets, holds back cash, or replaces a manager? Record who decides and the investor rights before and after. Mark a missing clause as unknown. Do not copy the old answer forward without support.

A new vote can also change the economic scope being considered. An investor may be asked to approve a package containing new fees, a revised distribution order, and a different exit process. Understanding only the headline purpose leaves the rest of that package unexamined.

Keep the legal change, tax result, and value in separate parts of the review. A new interest does not come with proof of its sale price. A stated tax aim does not prove that the owner qualifies. The adviser needs the actual new terms as well as the original offering summary.

For the decision record, save the old terms, the proposed terms, and the final accepted version. Identify which rights changed and which did not. This lets a later reader distinguish an original limitation from a new one, without guessing from a general description of the restructuring.

## Make Information Requests That Address the Decision

Information can help an investor assess an action without giving the investor authority over it. Ask for the record needed to answer the specific question. A broad demand for everything may be harder to evaluate than a request tied to a defined decision.

Delaware section 3819 covers access to records, subject to its standards and the governing terms. It also covers keeping some records private. It is not an unlimited right to every file. When access is disputed, seek legal review of the terms and request. [Delaware Code, section 3819](https://delcode.delaware.gov/title12/c038/sc01/index.html#3819).

For a reserve decision, ask how much cash exists and what limits apply. Ask when it will be used and what will remain. For a vote, request the final proposal, eligible interests, required threshold, notice rules, and deadline. For a sale, ask who can approve it and how the price becomes owner cash.

Separate delivery from adequacy. Receiving a statement may resolve the question of whether a file was sent. It may leave its subject, date, or missing detail unresolved. Record the particular gap rather than repeating that the response was incomplete without explanation.

Keep the request and response together. Note when each was sent and which document version was supplied. If a reply describes a clause without providing it, label that as a reported explanation. It is different from your own reading of the signed agreement.

If the decision is urgent, identify which missing answer could change your action. Ask the right professional to assess that issue. A quick response from a contact is useful, but it does not expand that person's authority or turn an uncertain legal point into a settled one.

## Check Conflicts Without Assuming Bad Intent

A decision-maker may earn different fees under different choices. Find that incentive and any safeguards. A stake in the outcome calls for careful review. It does not prove that the person will act improperly.

FINRA's private-placement guidance directs covered firms to consider relevant affiliate transactions and to test material claims. Its scope supports looking beyond a summary when examining related-party decisions. It does not establish a breach or improper motive in any particular transaction. [FINRA Regulatory Notice 23-08, Part II.A](https://www.finra.org/rules-guidance/notices/23-08).

Use a separate invented fee illustration. Suppose a decision-maker receives 1% of the gross sale price. A $1 million increase in that price adds $10,000 to the stated fee. That tells you one incentive, but not the full investor effect. Extra holding costs, other fees, debt, and cash timing remain to be examined.

Ask whether the decision-maker earns other fees during the hold. Then read how deals among related parties are reviewed and disclosed. Must someone else consent? Is there an outside value opinion or review? Do not assume a safeguard exists just because it would be useful.

A comparison of alternatives should use the same assumptions and cost scope. If one option includes all fees while another omits an affiliate charge, the apparent advantage may come from the model rather than the choice. Ask the reviewer to show the omitted cost before drawing a conclusion.

Ask who is related to whom, when they get paid, and who can make the choice. Then ask for the evidence behind it. This keeps the review focused on facts. A sound decision can be assessed fairly even when the parties have a stake in it.

## Build a Decision Map Before You Commit Capital

A useful control review ends with a map of a few important actions. It should be short enough to use during a real discussion and detailed enough to show the source of each answer. A general promise of passive ownership cannot replace it.

For each action, name the legal entity that can decide. Add the document, section, date, and version reviewed. Then record the investor role, outside conditions, funds needed, and open questions. If a future event must occur first, name it. Do not mark the action simply permitted.

Return to the distribution model for a final, separate downside test. Let rent fall to $1.53 million and property costs rise to $630,000, with other uses unchanged. Cash after the planned reserve addition falls to $300,000. Maintaining the earlier $450,000 payment would require a $150,000 draw.

Assume this branch permits draws but requires closing reserves of at least $900,000. Opening reserves of $900,000 plus the $60,000 addition permit only $60,000 of draws under that floor. The payment can reach $360,000 from the stated funds, leaving $90,000 of the target unsupported. The 3% owner receives $10,800, or $2,700 below the target.

An investor's preference for the full payment does not change that arithmetic or the assumed floor. A different result requires another permitted source of funds or a different plan. The map should identify who can consider those changes, without assuming they will occur.

Before committing, compare the documented control limits with your own needs. If a particular sale date or payment level is essential, determine whether you have a right to require it. Where the answer is no or unknown, keep that fact in the decision rather than filling the gap with an optimistic forecast.

## FAQ

### Does Owning a DST Interest Let Me Direct the Property Manager?

Not automatically. Read the governing terms and management agreement for the actual role. Economic ownership, a right to information, and authority to give instructions are different. A contact may answer questions without being required to follow an individual investor's operating requests.

### Do All DST Investors Have the Same Voting Rights?

No universal voting package should be assumed. Identify the specific action, eligible group, vote basis, threshold, and conditions. A right on one matter does not establish a right on all others. Ask counsel to interpret the actual provision where the result matters.

### Can Investors Vote to Preserve a Projected Distribution?

A vote, if provided, does not create cash or remove other restrictions. Review cash available, reserve limits, debt terms, and the power to declare payments. In the final invented case, the reserve floor leaves part of the target unsupported even though owners prefer the full amount.

### Does Lender Consent Mean a Proposed Change Is Fully Approved?

It answers the lender's part only to the extent stated in the consent. Internal authority, conditions, funding, other agreements, and tax effects may remain open. Identify the specific action approved and whether the consent is effective or conditional before treating the change as complete.

### Can I Force a Sale Because I Need the Money?

Your cash need does not establish that right. Read the property-sale and individual-transfer terms separately. Even an allowed transfer needs a buyer, satisfied conditions, and completed payment. Do not treat an estimated value or target sale year as spendable household cash.

### Does Replacing a Manager Remove the Investment's Problems?

It may change who performs or controls certain tasks, but it does not automatically change the loan, leases, cash balance, or property condition. Examine the replacement process, transition cost, successor's powers, and remaining issues. A new manager's forecast still requires evidence.

### What Is the Best First Question About DST Control?

Name the action you care about and ask which exact document gives someone authority over it. Then identify your own role and any outside conditions. That question produces a more useful answer than asking whether the sponsor listens to investors or whether the structure is generally flexible.

## About Sequoia Research

Sequoia Research, LLC provides independent research on DSTs and other real estate investment offerings. This educational library helps readers connect document terms, financial assumptions, and practical investment questions.

## Sources

- [Delaware Code, title 12, chapter 38](https://delcode.delaware.gov/title12/c038/sc01/index.html), current official text; selected sections 3806 and 3819. Accessed October 17, 2026; no new publication date inferred.
- [IRS Revenue Ruling 2004-86](https://www.irs.gov/pub/irs-drop/rr-04-86.pdf), 2004; selected analysis and holdings. Accessed October 17, 2026.
- [SEC Private Placements Under Regulation D](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/private-placements-under-regulation-d-updated-investor-bulletin), August 17, 2022; updated September 21, 2026. Accessed October 17, 2026.
- [FINRA Regulatory Notice 23-08](https://www.finra.org/rules-guidance/notices/23-08), May 9, 2023. Accessed October 17, 2026.


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