Horse Racing Regulation Decision Deemed Significant by FINRA

Wall Street’s self-regulatory watchdog and a firm challenging its enforcement authority have pointed to a recent ruling by the Fifth Circuit Court of Appeals regarding the authority of a private horse-racing group as weighing in their favor in a case pending before the U.S. Court of Appeals for the District of Columbia Circuit.

Following in the footsteps of SEC vs. JarkesyIn a move that saw the U.S. Supreme Court, late in its term, place limits on a government agency hiring in-house judges, the U.S. Court of Appeals for the Fifth Circuit turned its attention to self-regulating private sector entities.

His opinion of July 5 Horsemen’s Benevolent and National Protection Association vs. Blacktook part in …