Betsy Sachs v. Financial Industry Regulatory Authority
1. DOES FINRA HAVE IMMUNITY?
2. DOES THE REGULATION OF US SECURITIES PROFESSIONALS REMAIN A PRIVATE ENTERPRISE FREE FROM THE CONSTITUTIONAL CONSTRAINTS ON PUBLIC ACTORS?
3. SHOULD FINRA BE REQUIRED TO DEMONSTRATE EXCEPTIONALLY CLEAR DELEGATION OF AUTHORITY FROM CONGRESS WHEN IT SEEKS TO ADDRESS PROBLEMS IN WAYS THAT HAVE MAJOR ECONOMIC OR POLITICAL SIGNIFICANCE?
4. IS FINRA A QUASI GOVERNMENTAL ENTITY WITH PRIVATE/PUBLIC DISTINCTION?
5. SHOULD SCOTUS VOID SOME CRITICAL SRO RULE?
6. WILL SCOTUS EXTEND ITS EMERGING DOCTRINES TO INVALIDATE FINRA?
7. THE CENTRAL QUESTION BECOMES WHETHER FINRA IS EXERCISING EXECUTIVE POWER WITHIN THE MEANING OF THE CONSTITUTION OR WHETHER IT IS A TRULY PRIVATE SELF-REGULATORY ORGANIZATION.
8. SHOULD SCOTUS TAKE RENEWED INTEREST IN ITS PRIVATE NON DELEGATION DOCTRINE?
9. WHAT IS JUSTICE?
Does FINRA have immunity?