Individual investors aren’t having a great time in the markets at the moment, so the last thing they need is a new restriction on where they can invest their money.

But that’s what the North American Securities Administrators Association (NASAA) is recommending with its proposal to cap at 10% of liquid net worth the amount that individual investors can put into real-estate investment trusts (REITs) that aren’t traded on public exchanges. While NASAA doesn’t promulgate regulations, its suggestions are often adopted in U.S. states and Canada.