Republican Groups Fight To Keep SEC Pay-To-Play Challenge

Law360, Washington (March 23, 2015, 2:34 PM EDT) -- A pair of New York and Tennessee Republican groups urged the D.C. Circuit on Monday to revive their First Amendment challenge to the U.S. Securities and Exchange Commission's investment adviser "pay to play" rule, saying enforcing a 60-day deadline to fight the rule all but enshrines its existence.

The court should ignore calls from the agency to apply the deadline to the New York Republican State Committee and Tennessee Republican Party's challenge to the 2010 rule since the timeframe applies only to orders, the groups told a three-judge panel.

Burying the federal court proceedings will leave opponents of the "broad" and...

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