On Friday–the same day the Supreme Court granted certiorari in a case raising the private nondelegation doctrine–the U.S. Court of Appeals for the D.C. Circuit concluded that at least some of the authority wielded by the Financial Industry Regulatory Authority (FINRA), without adequate federal oversight, violates the private nondelegation doctrine.
Judge Millett wrote the 41-page opinion for the panel in Alpine Securities Corp. v. FINRA, joined by Chief Judge Srinivasan. Judge Walker concurred in the judgment in part and dissented in part, as he would have looked favorably on more of the challenge to FINRA than the majority.
Judge Millett summarized the case and the court's conclusions as follows:
