The Clearing House Association joined SIFMA in an amicus brief before the U.S. Court of Appeals for the Second Circuit in Retirement Board of the Policemen’s Annuity & Benefit Fund v. Bank of New York Mellon. The case involves the application of the Trust Indenture Act (“TIA”) to mortgage-backed securities (“MBS”) issued by N.Y. common-law trusts. Contrary to almost 40 years of SEC guidance, the district court held that TIA does apply but, agreeing with an earlier TCH amicus brief in this case, the court certified the issue for immediate appeal to the Second Circuit. The TCH-SIFMA brief argues that the court should allow the immediate appeal because of the adverse effects that the case could have on financial markets and the uncertainty that it would engender among participants in the MBS market.