On August 25, 2025, the United States Court of Appeals for the Fifth Circuit issued an opinion in National Association of Private Fund Managers v. SEC addressing Securities and Exchange Commission (SEC or the “Commission”) Rule 10c-1a under the Securities Exchange Act of 1934, or the Securities Lending Reporting Rule, and Rule 13f-2 under the
Litigation Updates
Managed Funds Association Publishes Letter to SEC Acting Chair Mark Uyeda
The Managed Funds Association (MFA) published a letter dated January 20, 2025, to Acting Chair Mark T. Uyeda of the US Securities and Exchange Commission, outlining several policy recommendations for the SEC’s consideration.
The MFA urged the SEC to withdraw its appeal of the “Dealer Rule,” which was vacated by the US District Court of…
Supreme Court Expands Time To Challenge Agency Regulations
Posted in Litigation Updates
Corner Post, Inc. v. Board of Governors of the Federal Reserve System, No. 22-1008
Today, the Supreme Court held in a 6-3 decision that the six-year time limit to challenge a federal agency regulation under the Administrative Procedure Act (APA) does not start to run until the plaintiff is injured by the regulation.
In…
Supreme Court Overrules Chevron
Posted in Litigation Updates
Loper Bright Enterprises v. Raimondo, No. 22-451; Relentless, Inc. v. Department of Commerce, No. 22-1219
Today, the Supreme Court issued a 6-3 decision overruling Chevron, the decision holding that federal courts should defer to an administrative agency’s reasonable interpretation of an ambiguous statute that the agency administers. Going forward, courts are required…