American Securities Assoc.; Citadel Securities v. SEC

Court:

U.S. Court of Appeals

(Eleventh Circuit)

Amicus Issue:

Whether the two-thirds one-third allocation between industry members and the participant exchanges is contrary to the Exchange Act and arbitrary and capricious.  Whether the retrospective allocation of costs is contrary to the Exchange Act and arbitrary and capricious.  Whether the SEC failed to conduct an adequate independent analysis of the CAT funding rules.  Whether the uncertain, escalating and uncontrolled costs of the CAT system render the order arbitrary and capricious.

Counsel of Record:

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Lorin L. Reisner

Kannon K. Shanmugam

Brian M. Lipshutz

Yishai Schwartz

David A. Hopen

Other Amici:

Committee on Capital Markets Regulation

Alternative Investment Management Assoc.

Virtu Financial, Inc.

Investment Company Institute

Managed Funds Assoc.