NCLA filed an amicus curiae brief in American Securities Association v. Securities and Exchange Commission, urging the Eleventh Circuit to set aside an SEC order requiring financial industry broker-dealers to fund a “Consolidated Audit Trail” (CAT) that Congress never authorized. Unless the Court intervenes to stop it, these costs will be passed on to the investing American public as an unlegislated tax.

Mark is joined by NCLA Senior Litigation Counsel Andrew Morris to discuss NCLA’s amicus brief in American Securities Association v. Securities v. SEC.

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