In the Headlines
November 3, 2023

Nasdaq Board Diversity Rule Faces New Challenge

Securities Enforcement Defense attorney Scott Mascianica was quoted in an Agenda article about Nasdaq’s board diversity disclosure rule that was upheld by a federal appeals court last month. The U.S. Securities and Exchange Commission's (SEC) approval of the rule was found constitutional, yet its opponents are still resisting it. Mr. Mascianica, who previously served as a regional director for the SEC, said the opinion from the U.S. Court of Appeals for the Fifth Circuit was a "rare victory" because the agency has recently “met stiff headwinds” in that court. The Fifth Circuit is the same court that concluded in a May 2022 opinion that the SEC violated the Constitution by using its in-house administrative court for an enforcement action; the case is now pending the Supreme Court’s review, he added. 

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