MFA sends letter to SEC on proposed registered offering reforms

MFA submitted a letter to the Securities and Exchange Commission (SEC) in support of the SEC's proposed Registered Offering Reform, which would modernize the registered offering framework, reduce regulatory burdens, and improve access to U.S. public capital markets. MFA also urged the SEC to address related regulatory issues to ensure the proposal achieves its capital formation objectives.

MFA requests that the Commission consider the following recommendations in the Proposed Reform:

• Expand Form S-3 eligibility by eliminating outdated public float and seasoning requirements.
• Preempt state registration and qualification requirements for all SEC-registered offerings to reduce duplicative regulation and improve capital formation.
• Modernize Regulation M, particularly Rule 105, to ensure it does not undermine the benefits of expanded Form S-3 eligibility.
• Extend registration and communication benefits currently available to well-known seasoned issuers (WKSIs) to a broader group of issuers and expand incorporation by reference into Form S-1