FINRA Loses Bid to Resume Enforcement Action Against Adviser (1)

The full D.C. Circuit won’t reconsider an order protecting Alpine Securities Corp. from the Financial Industry Regulatory Authority Inc.'s enforcement activities during litigation over the private regulator’s authority.

The appeals court rebuffed FINRA in a one-sentence decision Tuesday, allowing the preliminary injunction to stand. A three-judge panel had split in ruling that FINRA needed to shelve its action against Alpine.

FINRA is “disappointed,” it said in an emailed statement Wednesday. But it “looks forward to the D.C. Circuit’s consideration of Plaintiffs’ appeal, when FINRA and the United States Government will present their defenses to Plaintiffs’ novel and unsupported constitutional arguments,” ...