June 8, 2020 / 11:28 AM / a month ago

D.C. Circuit nixes SEC ruling against Nasdaq, NYSE Arca over market-data fee hikes

A federal appeals court on Friday struck down the Securities and Exchange Commission’s 2018 ruling that Nasdaq and NYSE Arca’s fee increases for certain market-data products were unreasonable, finding the SEC overstepped its authority.

The commission cannot use its quasi-judicial power over the exchanges’ disciplinary and membership decisions to revoke general fee increases, the U.S. Court of Appeals for the District of Columbia Circuit said, agreeing with the exchanges’ lawyers at Gibson Dunn & Crutcher and Dentons.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2XH9sxc

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