The US securities watchdog's mounting legal headaches
Gary Gensler, with knock-on implications for others on his agenda. Here's a list of rules and actions affected, according to legal filings, the SEC's agenda, and legal experts.
* Nasdaq corporate board diversity: Conservative group the Alliance for Fair Board Recruitment sued the SEC in the Fifth Circuit after the agency blessed a Nasdaq rule promoting diversity on corporate boards. Gensler recently cited this lawsuit as the reason why he could not discuss progress on a similar SEC planned rule.
* Proxy voting: The Sixth Circuit Court of Appeals last month sided with the SEC in a case brought by trade associations including the U.S. Chamber of Commerce, finding the agency was within its rights to rescind Donald Trump-era regulations on corporate elections.
* Share buybacks: The Fifth Circuit in December 2023 overturned a rule that required companies to disclose data on share repurchases, finding that the SEC had not justified the costs.
* Private funds: Following a suit brought by the Managed Funds Association (MFA) and other industry groups, the Fifth Circuit in June struck down this rule requiring more private fund disclosures. It found the SEC had exceeded its legal authority in seeking to regulate the $27 trillion industry.
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