MFA Submits Joint Letter to SEC on Regulation ATS

On February 26, MFA submitted a joint letter with AIMA to the SEC commenting on the Commission’s proposed amendments to Regulation ATS.

In the letter, the Associations expressed support of SEC’s Regulation ATS Proposal. The Associations believe the proposed framework of enhanced disclosures and SEC review of the new Form ATS-N should greatly assist investors in their understanding of how ATSs operate and address potential conflicts of interest.  In addition, the Associations believe the framework should be extended to include ATSs that trade fixed income securities, including government securities. The Associations also provided some suggestions to further refine Form ATS-N, such as the inclusion of quantitative data where appropriate, and other disclosures that are likely to make the form more useful for investors.