TODD & CO., INC. v. SECURITIES & EXCHANGE COM'N

No. 76-1690.

557 F.2d 1008 (1977)

TODD AND COMPANY, INC. and Thomas K. Langbein, Petitioners, v. SECURITIES AND EXCHANGE COMMISSION, Respondent.

United States Court of Appeals, Third Circuit.

Decided June 27, 1977.


Attorney(s) appearing for the Case

Lawrence E. Jaffe, Marcus, Rosen, Breslow, Levy, Jaffe & Fiorello, Totowa, N. J., for petitioners.

David Ferber, Sol. to the Commission, Alan Rosenblat, Asst. Gen. Counsel, Linda W. Jarett, Atty., S.E.C., Washington, D. C., for respondent.

Before ADAMS, ROSENN and WEIS, Circuit Judges.


OPINION OF THE COURT

WEIS, Circuit Judge.

A statutory plan for self-regulation by a securities dealers association provides for sanctions and procedural safeguards, including an appeal to the Securities and Exchange Commission. We find no constitutional obstacles to this largely non-judicial plan for settlement of disputes. However, we must vacate an order of the S.E.C. that failed to insist upon strict compliance by the association with its own procedural...

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