The SEC requested that the U.S. Court of Appeals for the Sixth Circuit dismiss a petition to review amendments to MSRB Rule G-37 that would extend the rule regarding the disclosure of political contributions to municipal advisors.
The SEC argued that the case should be dismissed for lack of jurisdiction, as there was no SEC "order" or other "agency action" to be reviewed. The SEC argued that an "approval by operation of law of the MSRB's amendments to Rule G37 does not give rise to a 'final order' that [the] Court has jurisdiction to review." The SEC contended that dismissal would avoid practical problems that arise when asking the court to review the agency's "action" of inaction, a step that results in deemed approval via a statutory process set forth by Congress.
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