The Clearing House Association filed an amicus brief in NY federal district court case Retirement Board of the Policemen’s Annuity Fund v. BNY Mellon asking the court to certify for immediate appeal to the U.S. Court of Appeals for the Second Circuit the district court’s decision that residential mortgage-backed securities certificates issued by certain New York common-law trusts are debt, not equity, and therefore are covered by the Trust Indenture Act (TIA). The federal agency charged with administering the TIA, the SEC, has consistently adhered to the view that the statute does not apply to pass-through certificates. In the amicus brief, TCH argues that (i) the application of the TIA to mortgage pass-through certificates unsettles a longstanding, reasonably held legal understanding of market participants, (ii) the potential application of the TIA will create widespread uncertainty and generate complex litigation regarding the rights and obligations of parties to pass-through securities, with potential adverse consequences for market participants, and (iii) the certification of the order for appeal will preserve judicial resources and materially advance resolution of this issue.