The Court of Appeals for the D.C. Circuit denied the New York Republican State Committee’s bid to challenge the Securities Exchange Commission’s rule prohibiting broker-dealers acting as “placement agents” from accepting compensation for soliciting government business from candidates and elected officials….
“We hold the NYGOP has standing and deny its petition on the merits,” Judge Ginsburg wrote. “The SEC acted within its authority in adopting Rule 2030; doing so was not arbitrary and capricious because the SEC had sufficient evidence it was needed; and the rule does not violate the First Amendment in view of our holding.”