THIS IS A BIG WIN FOR THE NEW CIVIL LIBERTIES ALLIANCE IN ITS CAMPAIGN TO REIN IN THE ADMINISTRATIVE STATE: U.S. appeals court tosses Nasdaq diversity rules for company boards. “A federal appeals court on Wednesday struck down the Nasdaq’s diversity disclosure rules for companies listed on the stock exchange, which were designed to boost the representation of women and minority directors on boards. The conservative-majority New Orleans-based 5th U.S. Circuit Court of Appeals ruled the Securities and Exchange Commission did not have the power to approve the rule that required companies to ensure women and minority directors were on their boards or provide an explanation of why this was not the case.”

Reminder/disclosure: I’m on the NCLA’s board of advisors.

UPDATE: Here’s the NCLA press release, and here’s the full text of the opinion.