GOP Says SEC Inaction Doesn't Block Pay-To-Play Review

Law360, New York (January 27, 2017, 2:21 PM EST) -- Three state Republican parties told the Sixth Circuit on Thursday that the Municipal Securities Rulemaking Board's rules increasing pay-to-play restrictions on muni advisers aren't shielded from review just because the U.S. Securities and Exchange Commission failed to affirmatively act on them.

The Republican Parties of Tennessee and Georgia and the New York Republican State Committee filed a reply brief urging the Sixth Circuit to find jurisdiction over their challenge to the new MSRB rules, disputing the SEC's claim that the rules aren't appealable because they weren't approved by a final SEC order and instead took effect by law when the agency...

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