…The National Center for Public Policy Research filed a lawsuit over the SEC’s approval of the Nasdaq board diversity rules. The National Center, represented by the New Civil Liberties Alliance, argues that the SEC’s regulatory authority, established by the 1934 Securities and Exchange Act, is limited to regulation of securities to ensure honest markets and to enforce federal laws that punish fraud. The lawsuit asserts that approving market rules establishing quotas for boards of directors exceeds that limited authority.

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