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  • Writer's pictureASA Newsroom

ICYMI: ASA Files Supplemental Authority in CAT Lawsuit Against the SEC

WASHINGTON – Following the Supreme Court’s decision in Loper Bright Enterprises v. Raimondo, the American Securities Association (ASA) filed a supplemental authority in the 11th Circuit Court of Appeals underscoring how the Consolidated Audit Trail (CAT) exceeds the Securities and Exchange Commission’s authority.

“James Madison famously said the concentration of executive, legislative, and judicial power in one body is ‘the very definition of tyranny’, and for decades, the Administrative State played that role. But after Loper, that paradigm has come to an end,” said ASA President and CEO Chris Iacovella. “ASA submitted a filing to the 11th Circuit, which cited Loper, while focusing on the SEC’s lack of express authority to adopt the CAT and create a national registry of American investors.”

To read ASA’s notice of supplemental authority, click here.


American Securities Association, based in Washington, DC, represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.


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