Posts tagged Merits Panel.
The Sixth Circuit this week declined the SEC's request to dismiss a Constitutional challenge to the new MSRB pay-to-play rules. Instead, the Court ordered the case to a merits panel for consideration. The Republican parties of Tennessee, Georgia and New York are challenging the regulations in consolidated actions.
The SEC argued that its tacit "deemed approval" of new MSRB pay-to-play rules didn't constitute agency action. The SEC's "no we didn't" argument was an attempt to avoid judicial review of the agency's [in]action that allowed the rules to become effective. I discussed the ...
Posted in: MSRB
Tags: burr and forman, burr forman, Merits Panel, MSRB, Pay-to-Play, pay-to-play rules, securities litigation, Securities Litigation & Arbitration