LOAN SYNDICATIONS AND TRADING ASS'N v. S.E.C.

Nos. 14-1240, 14-1304.

818 F.3d 716 (2016)

The LOAN SYNDICATIONS AND TRADING ASSOCIATION, Petitioner v. SECURITIES AND EXCHANGE COMMISSION and Board of Governors of the Federal Reserve System, Respondents.

United States Court of Appeals, District of Columbia Circuit.

Decided March 18, 2016.


Attorney(s) appearing for the Case

Richard D. Klingler argued the cause for petitioner. With him on the briefs were Peter D. Keisler and Jennifer J. Clark .

Carl J. Nichols , Stephen V. Carey , Kate Comerford Todd , and Steven P. Lehotsky were on the brief for amicus curiae the Chamber of Commerce of the United States in support of petitioner.

Joshua P. Chadwick , Senior Counsel, Board of Governors of the Federal Reserve System, argued the cause for respondents. With him on the brief were Richard M. Ashton , Deputy General Counsel, Katherine H. Wheatley , Associate General Counsel, Michael A. Conley , Deputy General Counsel, Securities and Exchange Commission, John W. Avery , Deputy Solicitor, Randall W. Quinn , Assistant General Counsel, and Nicholas J. Bronni , Senior Counsel.

Dennis M. Kelleher and Stephen W. Hall were on the brief for amicus curiae Better Markets, Inc. in support of respondents.

Opinion filed for the Court by Circuit Judge BROWN.


In the law, as in life, the simplest explanation is sometimes the best one. Cf. Commodity Futures Trading Comm'n v. Zelener, 373 F.3d 861, 868 (7th Cir.2004) (Easterbrook, J.) ("Best to take Occam's Razor and slice off needless complexity."). So it is here. This case concerns a challenge...

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