Decision on Horse Racing Regulation Argued Relevant to FINRA

Wall Street’s self-regulator and a firm challenging its enforcement authority have both flagged a recent Fifth Circuit ruling on a private horse racing group’s power as cutting in their favor in a case at the D.C. Circuit.

In the wake of SEC v. Jarkesy, in which the US Supreme Court reined in a government agency’s use of in-house judges near the end of its term, the US Court of Appeals for the Fifth Circuit turned its own spotlight to private industry self-regulators.

Its July 5 opinion in National Horsemen’s Benevolent & Protective Ass’n v. Black, held part of …