MFA Submits Letter in Response to SEC Investor Advisory Committee Recommendations on Implementation of the JOBS Act

MFA submitted a comment letter to the Securities and Exchange Commission (SEC) in response to its proposed implementation of Section 201 of the Jumpstart Our Business Startups (JOBS) Act. In the letter, MFA responded to recommendations proposed by the SEC’s Investor Advisory Committee for the SEC to make certain changes to the private offering framework and related regulations in connection with its implementation of the JOBS Act.

In particular, MFA supported many of the Committee’s recommendations, such as the filing of Form D being made a condition to relying on Regulation D, provided that an issuer would have sufficient opportunity to correct any minor technical mistakes while maintaining its reliance on Regulation D. MFA also supported Committee recommendations for the SEC to continue its implementation of the Dodd-Frank Act regarding the disqualification of bad actors and the definition of accredited investor. MFA opposed certain recommendations of the Committee that are not related to implementation of the JOBS Act and would not be necessary in light of existing comprehensive oversight of private fund managers by the SEC.