SEC Responds to Third Circuit APA Challenge, Asserts No Obligation to Explain Policy Decision

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The U.S. Securities and Exchange Commission (SEC) has issued its response to the Third Circuit APA challenge regarding their refusal to pursue notice-and-comment rulemaking. Their stance continues to be firm, stating “no additional explication is required to understand the Commission’s policy decision.” According to critics, the SEC’s response merely reiterates the assertion that the present registration process is “workable”, without providing substantial justification