MFA - Managed Funds Association

05/18/2026 | Press release | Archived content

MFA submits letter to the SEC in response to proposed amendments to Rule 15c2-11

MFA submitted a letter to the Securities and Exchange Commission (SEC) in response to proposed amendments to Rule 15c2-11.

MFA requests that the Commission consider the following observations and recommendations:

  • The focus of Rule 15c2-11 is the retail OTC equity markets, which operate very differently than fixed income markets.
  • Extending Rule 15c2-11 beyond equity markets would reduce liquidity and transparency.
  • Limiting Rule 15c2-11 to equity securities aligns with statutory purpose and investor protection.
  • The definition of "equity security" in Rule 3a11-1 is overly-broad for purposes of Rule 15c2-11.
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