SEC Can Overturn NASD Decisions, Court Rules

Law360, New York (December 14, 2005, 12:00 AM EST) -- The Securities and Exchange Commission has the power to overturn fines imposed by the National Association of Securities Dealers, according to a ruling handed down by a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit.

“NASD, acting in its adjudicative capacity, as the lower tribunal subject to SEC plenary review of its disciplinary decisions, is not an ‘aggrieved person,’” the judges said in their decision. “When NASD adjudicates to enforce federal securities law, it does so pursuant to the Exchange...
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