SUSQUEHANNA INTERN. GROUP, LLP v. S.E.C.

No. 16-1061.

866 F.3d 442 (2017)

SUSQUEHANNA INTERNATIONAL GROUP, LLP, et al., Petitioners v. SECURITIES AND EXCHANGE COMMISSION, Respondent. Options Clearing Corporation, Intervenor.

United States Court of Appeals, District of Columbia Circuit.

Decided August 8, 2017.


Attorney(s) appearing for the Case

David H. Thompson , Washington, DC, argued the cause for petitioners. With him on the briefs were Howard C. Nielson Jr. , Washington, DC, Peter A. Patterson , Ada, MI, and Harold S. Reeves , Washington, DC.

Robert Battalio and Robert Jennings, pro se, were on the brief for amicus curiae Robert Battalio and Robert Jennings in support of petitioners.

Tracey A. Hardin , Assistant General Counsel, Securities and Exchange Commission, argued the cause for respondent. With her on the brief were Anne K. Small , General Counsel, Sanket J. Bulsara , Deputy General Counsel, Michael A. Conley , Solicitor, and Emily T.P. Rosen , Senior Counsel.

William J. Nissen , argued the cause for intervenor. With him on the brief were Steven E. Sexton and Kristen E. Rau , Chicago, IL.

Before: Garland, Chief Judge, Griffith, Circuit Judge, and Sentelle, Senior Circuit Judge.


Seeking to increase its capital reserves, the Options Clearing Corporation proposed a change in its rules. That change was subject to approval by the Securities and Exchange Commission, which granted approval without itself making the findings and determinations prescribed by the Securities Exchange Act of 1934. Instead, it...

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