New rules from the Securities and Exchange Commission allowing thousands of stocks and ETFs to be quoted in half-penny increments when trading on exchanges drew their first legal challenge.
A package of changes to Regulation National Market System, approved unanimously by SEC commissioners in September and published in the Federal Register on Tuesday, violates the Administrative Procedure Act and the Securities Exchange Act, according to the petition filed in the US Court of Appeals for the District of Columbia Circuit.
Finance-focused social media company Urvin Finance Inc. and advocacy group We the Investors submitted the Tuesday petition but have yet ...
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