New York Republican State Committee v. Securities and Exchange Commission

Issues: (1) Whether Rule 2030 – which regulates the political contributions of those members of the Financial Industry Regulatory Authority who act as “placement agents” – violates the First Amendment by (a) imposing different contribution limits on candidates running for the same office, and/or (b) restricting otherwise lawful political activity despite the Security and Exchange Commission’s failure to identify one instance in which a lawful political contribution alone led to quid pro quo corruption; (2) whether the SEC has the authority to impose restrictions by regulation on the First Amendment rights of placement agents to make or solicit federal political contributions that are otherwise lawful under the Federal Election Campaign Act; and (3) whether Rule 2030 is arbitrary and capricious because it restricts otherwise lawful political activity despite the SEC’s failure to identify one instance in which a lawful political contribution alone led to fraudulent or manipulative practices.