Washington, D.C. — MFA recommended four policies for Acting Securities and Exchange Commission (SEC) Chair Mark Uyeda to implement on Day One in a letter today. The recommendations address ill-considered policies from the previous regime that have harmed markets, investors, and the economy.
“MFA stands ready to work with the Trump Administration to advance policies that support U.S. economic growth and the financial well-being of all Americans,” said Bryan Corbett, MFA President and CEO. “Acting SEC Chair Uyeda can turn the page and take quick, tangible, and achievable actions on Day One that enable the SEC to revisit policies that harm markets, investors, and the economy. These recommendations will help the SEC ensure the U.S. capital markets remain the strongest in the world.”
MFA’s four recommendations for Acting SEC Chair Uyeda are:
- Withdraw its appeal of the Dealer Rule: The SEC should unwind its appeal of the Dealer Rule. Last year the U.S. District Court vacated the illegal Dealer Rule. In its ruling the Court affirmed MFA’s position that alternative asset managers are not dealers, dealers have customers, and the Commission exceeded its statutory authority. On one of his last days in office, the previous Chair appealed the U.S. District Court’s decision.
- Extend compliance deadline for Short Position Reporting Rule: The SEC should delay implementation of the short sale position reporting requirements by six months to give market participants the time and guidance needed to build and test short sale reporting systems. The SEC did not provide adequate time for market participants to finalize and test short position reporting systems. The Commission also has not issued staff FAQs or provided interpretive guidance on inconsistencies in the adopting release.
- Delay compliance date for New Form PF requirements: The SEC should move the compliance deadline for the New Form PF to September 12, 2025—a six-month delay. The current implementation timeline will not enhance SEC oversight since the Commission will receive a mix of old Form PF and New Form PF data. Additionally, the technical specifications for the New Form PF have not been finalized. This means that market participants do not have adequate time to establish reporting systems.
- Halt regulation by enforcement: The SEC should end the outgoing SEC regime’s practice of regulation by enforcement. The previous SEC leadership’s approach to enforcement circumvents the Administrative Procedure Act, violates market participants’ right to due process, and imposes significant costs and burdens on investors, markets, and the economy.
Read the full letter here.
In requesting that the SEC delay the Short Position Reporting Rule, MFA also sent Acting Chair Uyeda a letter detailing the compliance concerns and relief needed. See that letter here.
