Whether a court may deem a standard of review argument waived despite circuit split, substitute its own determination in an administrative review, interpret SEC regulations to withhold administrative record documents, and disregard a petitioner's legal arguments in violation of due process

1. Whether a legal argument concerning the standard of review may be deemed waived, notwithstanding that other courts of appeals—including the Sixth and Seventh Circuits—have held that the standard of review is not waivable. 2. Whether a court, in reviewing an administrative order, may substitute its own determination in place of an agency’s missing determination on a dispositive issue, notwithstanding that 5 U.S.C. § 706 limits the court’s role to review. 3. Whether 17 C.F.R. § 240.21F-13 may be interpreted to permit the SEC to withhold portions of the administrative record from judicial review. 4. Whether a pattern of disregard for a petitioner’s legal and factual arguments may deprive the petitioner of a meaningful hearing and violate due process. ii DIRECTLY