FINRA Action Against Adviser Halted While Challenge Proceeds

Alpine Securities Corp. is entitled to an order preventing the Financial Industry Regulatory Authority from continuing with its enforcement action against the investment adviser while it argues its challenge, a divided D.C. Circuit panel said Wednesday.

Alpine and another adviser fought back against the industry group’s power in a suit filed in October.

FINRA’s structure and operation violate the separation of powers, the appointments clause, and the delegation of powers, Scottsdale Capital Advisors Corp. and Alpine said.

Source: FINRA Action Against Adviser Halted While Challenge Proceeds