The Managed Funds Association (MFA) has written a letter to the Securities Exchange Commission (SEC) outlining four policy recommendations for Acting Chair Mark Uyeda to prioritise on his first day in office.
According to the MFA, the measures aim to address policies from the prior SEC leadership that it claims have negatively impacted markets, investors, and the broader economy.
“MFA stands ready to collaborate with the administration to advance policies that foster US economic growth and the financial well-being of all Americans,” said Bryan Corbett, President and CEO of MFA. “Acting SEC Chair Uyeda has an opportunity to take decisive action to reverse policies that harm markets and investors, ensuring the US capital markets remain the strongest in the world.”
The MFA wants Uyeda to abandon the SEC’s appeal over the US District Court’s decision to vacate the Dealer Rule. The court previously ruled that alternative asset managers are not dealers and that the SEC overstepped its statutory authority. MFA criticised the prior SEC Chair for appealing the decision in his final days and has now urged Uyeda to end this legal challenge.
The MFA has also recommended a six-month delay in implementing the short sale position reporting requirements, noting that market participants need more time to develop and test systems, particularly given the lack of guidance and clarity from the SEC on inconsistencies in the rule.
In addition, the MFA has called for a six-month extension, moving the compliance date for New Form PF requirements to 12 September, 2025, arguing that the current timeline is impractical, as technical specifications remain unfinished, leaving market participants insufficient time to prepare reporting systems.
And finally the MFA wants the SEC to halt the previous leadership’s approach of using enforcement actions to regulate market participants, arguing that this practice bypasses the Administrative Procedure Act, undermines due process, and imposes significant costs on investors and markets.
In a press statement, the MFA said: “the recommendations reflect MFA’s commitment to fostering fair and efficient markets while reducing unnecessary regulatory burdens. By addressing these issues promptly, Uyeda can set a new tone for SEC leadership and restore confidence among market participants.
“These policy changes, MFA asserts, will not only benefit the economy but also ensure the SEC’s oversight mechanisms are transparent, effective, and aligned with market realities.”
