SEC-approved rules aimed at fostering diverse boards for companies listed on Nasdaq encountered pointed questions at the right-leaning Fifth Circuit on Tuesday, as the full court reviewed a three-judge panel’s decision backing the regulations.
Judges on the US Court of Appeals for the Fifth Circuit raised questions about the Securities and Exchange Commission’s authority to permit the 2021 Nasdaq rules under a law intended to help investors make informed decisions. Three Democratic-appointed judges previously upheld the regulations last year in the face of a conservative challenge.
The rules require thousands of Nasdaq-listed companies to report on their boards’ diversity and ...
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