ACRU Argues for Rule of Law, Financial Accountability in Stock Market Case
The American Civil Rights Union filed a brief on Wednesday supporting a complaint that the National Association of Securities Dealers should be held accountable for misleading members as to a proxy vote over a change in bylaws.
“NASD’s claim of immunity highlights the threat posed by Self Regulating Organizations (SROs) operating outside laws designed to protect investors,” said ACRU General Counsel Peter Ferrara, who wrote the brief.
The brief states:
“The Constitution says that the legislative power is delegated to Congress, which covers regulatory rules as compelling as any statute. While private self-regulatory organizations are desirable, they must remain accountable and subject to the […]

