DC Circ. Sends 14-Year Case Over Data Fees Back To SEC

Law360 (June 5, 2020, 8:54 PM EDT) -- The D.C. Circuit vacated a U.S. Securities and Exchange Commission decision Friday that the Nasdaq Stock Market and New York Stock Exchange's market data fees aren't justified, sending the 14-year court battle back to the SEC for further proceedings.

The SEC had ruled in favor of the Securities Industry and Financial Markets Association when it argued the exchanges' fees for "depth-of-book" data — giving information on a market's liquidity — are not permitted by the Securities Exchange Act of 1934.

The SEC has said that the exchanges' fee rules are a "limit" on SIFMA's "access to services" under Section 19(d) of the...

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