Finra Case Poor Vehicle to Test Private Regulators, Group Says

The US Supreme Court should decline to take Alpine Securities Corp.'s challenge to the Financial Industry Regulatory Authority’s enforcement power, the Wall Street regulator and the US government said in briefs.

Alpine “largely prevailed” before the US Court of Appeals for the D.C. Circuit, the Department of Justice said in its April 25 filing. And high court review isn’t appropriate on the two questions that remain, the government and Finra said.

In the disciplinary proceeding underlying the challenge, Finra said that Alpine imposed $5,000-per-month fees on retail accounts and improperly categorized some accounts as abandoned. Alpine disputes the organization’s conclusions. ...