An ongoing legal battle involving Alpine Securities Corp. and the Financial Industry Regulatory Authority (FINRA) has reached the attention of the U.S. Supreme Court. Alpine Securities, a broker-dealer based in Salt Lake City, is challenging the constitutionality of FINRA’s private enforcement powers, describing the body as “utterly unaccountable.” The firm recently filed an emergency request to halt a FINRA proceeding, previously allowed to move forward by a divided panel of the D.C. Circuit. The appeal was submitted to Chief Justice John Roberts Jr., although it is anticipated that the matter will be escalated to the full Supreme Court.
The unfolding case could potentially have significant implications for FINRA’s role as a self-regulatory body in the financial industry. More details are available on The National Law Journal.