NetCoalition v. SEC

Three securities exchanges filed with the SEC proposed changes to their fee-setting rules for the acquisition of certain proprietary market data. Petitioners, two trade associations, requested the Commission to suspend the rules pursuant to its authority under the Securities Exchange Act of 1934, 15 U.S.C. 78s(b)(3)(C), contending that they were unlawful under NetCoalition I. When the SEC failed to do so, petitioners sought review in this court. The court held that the plain text of section 19(b)(3)(C), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, 124 Stat. 1376, was clear and convincing evidence to the court of Congress's intent to preclude review of a rule change at the filing stage. Further, petitioners failed to demonstrate extraordinary circumstances for mandamus relief. The court declined to reach any other justiciability or jurisdictional question presented by the petitions. Accordingly, the court dismissed the petitions. View "NetCoalition v. SEC" on Justia Law