New York Republican State Committee v. SEC

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Petitioners sought review of the SEC's order approving Rule 2030, which regulates the political contributions of those members of FINRA, prohibiting a placement agent from accepting compensation for soliciting government business from certain candidates and elected officials within two years of having contributed to such an official's electoral campaign or to the transition or inaugural expenses of a successful candidate. The DC Circuit held that NYGOP has standing, but denied its petition on the merits, holding that the SEC acted within its authority in adopting Rule 2030; doing so was not arbitrary and capricious because the SEC had sufficient evidence it was needed; and the Rule does not violate the First Amendment in view of our holding in Blount v. SEC, 61 F.3d 938 (1995), in which the court upheld a functionally identical rule against the same challenge. View "New York Republican State Committee v. SEC" on Justia Law