SEC, MSRB Fight GOP's Challenge To New Pay-To-Play Rule

Law360, San Francisco (December 20, 2016, 8:02 PM EST) -- The U.S. Securities and Exchange Commission and the Municipal Securities Rulemaking Board told the Sixth Circuit on Monday that it doesn’t have jurisdictional standing to consider the Republican Party’s challenge to new rules that increase pay-to-play restrictions on municipal advisers, saying the rules were created “by congressional will” and not by a final SEC order that can be appealed.

The SEC and the MSRB argued in separate briefs Monday that two days after the MSRB filed the proposed amendments, Congress enacted legislation prohibiting the SEC from using funds to “finalize, issue or implement” orders regarding the disclosure of political contributions. As...

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