Alpine Securities Corp. will bring its challenge to the enforcement power of private clearing regulators to the Tenth Circuit, according to a federal court filing.
The broker-dealer and clearing firm is appealing a March 25 ruling and judgment of the US District Court for the District of Utah, which threw out its case attacking disciplinary proceedings and certain new substantive requirements for clearinghouses. Alpine notified the district court of its appeal against the National Securities Clearing Corp. and related organizations Wednesday.
The case stems from NSCC’s 2023 alteration of its “net excesess capital” calculation, with Securities and Exchange Commission approval, ...
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