ANOTHER WIN FOR THE NEW CIVIL LIBERTIES ALLIANCE: In NCLA Amicus Win, Fifth Circuit Topples SEC’s Unlawful Effort to Regulate Private Funds. “Following the New Civil Liberties Alliance amicus curiae brief’s advice, the Court declared that SEC exceeded its statutory authority in promulgating the unlawful rule because Congress never gave SEC oversight of this aspect of private funds. NCLA thanks securities law scholars Paul Mahoney, Adam Pritchard, and J.W. Verret for joining in NCLA’s brief as amicus partners.”

Reminder/disclosure: I’m on the NCLA Board of Advisors.