Whether the SEC exceeded its statutory authority

QUESTIONS PRESENTED The questions presented are: 1. Whether the SEC exceeded its statutory authority under the Securities Exchange Act of 1934, which regulates secondary market transactions in securities on exchanges and the over-the-counter markets, by applying the Exchange Act’s broker registration requirements to Petitioners who had no involvement with secondary market transactions. 2. Whether the Ninth Circuit erred in finding that Petitioners violated the antifraud provisions of the federal securities laws when the basis for the finding is Petitioners’ alleged breach of an attorney ethics rule and when the alleged misconduct was only tangentially related to purchases or sales of securities. 3. Whether the Ninth Circuit erred in finding “scienter” and “materiality” in this case. i