Split 2nd Circuit Panel Rules That SEC Regulation Is Not Arbitrary, Capricious

Mealey's (July 1, 2020, 1:54 PM EDT) -- NEW YORK — A divided Second Circuit U.S. Court of Appeals panel on June 26 ruled that although a member of an investment-adviser group has Article III standing to challenge the Securities and Exchange Commission’s adoption of a regulation of certain obligations for broker-dealers, the case is not the same for a group of states and the District of Columbia because their assertions that the regulation will cause a decline in state tax revenues in “entirely speculative” (XY Planning Network LLC, et al. v. United States Securities and Exchange Commission, et al., Nos. 19-2886 and 19-2893. 2nd Cir., 2020 U.S. App. LEXIS 20078)....