Under federal common law, Nasdaq and other self regulatory organizations (SRO's) enjoy absolute immunity from suit when exercising their regulatory functions, but they do not have absolute immunity when their conduct is not an exercise of their regulatory functions.

Question presented: Does absolute immunity attach to actions taken by Nasdaq consisting of fabricating a non-existent securities rule; knowingly falsely reporting Petitioner's "violation" of that non-existent rule to federal law enforcement authorities for prosecution even though the Petitioner was neither a member of Nasdaq nor subject to its jurisdictional reach; and doing so to improperly importune Petitioner's prosecution and promote its own commercial interests?

Does absolute immunity attach to actions taken by Nasdaq consisting of fabricating a non-existent securities rule; knowingly falsely reporting Petitioner's 'violation' of that non-existent rule to federal law enforcement authorities for prosecution even though the Petitioner was neither a member of Nasdaq nor subject to its jurisdictional reach; and doing so to improperly importune Petitioner's prosecution and promote its own commercial interests?