NCLA Asks en Banc Fifth Circuit to Vacate Legally Defective Nasdaq Board Diversity Rules

Administrative Static Podcast

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NCLA has filed a brief urging the en banc U.S. Court of Appeals for the Fifth Circuit to overturn Nasdaq’s "Board Diversity Rules," which the SEC implemented without statutory authority. These rules require Nasdaq-listed companies to meet gender, race, and sexual orientation quotas for their boards or explain why, under threat of delisting. Additionally, the SEC will provide lists of candidates to companies unable to meet these quotas. A Fifth Circuit panel had upheld these rules, but the en banc court has agreed to rehear the case. The 1934 Securities and Exchange Act restricts the SEC to roles ensuring fair markets, investor protection, and efficient capital formation, which the NCLA argues the SEC has exceeded.

Mark, Vec, and Jenin are joined by NCLA's Peggy Little to discuss the recent oral argument in the case.

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