Massachusetts Challenges Regulation A+

On May 22, 2015, William F. Galvin, the Secretary of the Commonwealth of Massachusetts, filed a petition for review in the U.S. Court of Appeals for the District of Columbia Circuit seeking court review of the portion of SEC's Regulation A+ rules which relate to preempting state law.  Galvin requests that the Court hold that the SEC's rule is arbitrary, capricious and otherwise not in accordance with the Administrative Procedures Act, the Securities Act of 1933 and other law.  The petitioner also requests vacatur of the rule and its requirements, issuance of a permanent injunction prohibiting the Commission from implementing and enforcing the rule, and other relief that the Court deems appropriate.