Welcome to SEC Roundup, a bimonthly video sequence by former Securities and Change Fee senior trial counsels Nick Morgan and Tom Zaccaro, founders of the nonprofit advocacy group Investor Alternative Advocates Community.
The American Securities Affiliation has filed a petition within the eleventh Circuit, difficult the constitutionality of the Municipal Securities Rulemaking Board.
On this episode, ICAN co-founder Nick Morgan and visitor host Sarah Concannon, a former senior SEC lawyer and Quinn Emanuel associate, sit down with ASA CEO Chris Iacovella to debate the case and its broader implications.
The ASA’s lawsuit argues that the MSRB, a little-known however highly effective regulator of municipal securities, operates as a quasi-governmental entity with out correct oversight, elevating critical constitutional considerations.
The dialogue delves into the MSRB’s distinctive standing as a self-regulatory group with SEC oversight, the affect of the SEC’s resolution to speed up commerce reporting timelines from quarter-hour to 1 minute, and why ASA believes the MSRB’s construction and funding mannequin violate constitutional rules.
With rising scrutiny over the function of SROs and their enforcement powers, this case may reshape the panorama of securities regulation. Tune in for professional evaluation on the constitutional questions at play and what’s subsequent for the ASA’s problem.
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