D.C. Circuit Finds SEC Did Not Exceed Authority In Lowering Access-Fee Cap

( October 17, 2025, 11:54 AM EDT) -- WASHINGTON, D.C. — A panel of the District of Columbia Circuit U.S. Court of Appeals denied securities exchanges’ petition for review of the Securities and Exchange Commission’s amendment to a rule lowering the cap of fees that exchanges can charge investors to access their services, finding the SEC did not exceed its authority or act arbitrarily or capriciously....

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