WASHINGTON (Reuters)-the Court of appeals has rejected a lawsuit by the financial industry that challenges a new federal rule intended to crack down on speculation in commodity markets, a move that likely will delay a decision on Whether the rules passed muster.
The securities industry and financial markets Association and the International swaps and Derivatives Association in December filed the challenge rules adopted last year by the Commodity Futures Trading Commission.
United States Court of appeals district of Columbia Circuit rejected the lawsuit as saying that the case must first be heard by the courts is low, the argument put forward by the CFTC.
“There is no express authorization of Congress Review appeal directly applicable to requests for review in this case,” said a panel of three judges in a brief order issued on Friday.
They said that federal law provided for an appeal to review the actions of other agencies but do not challenge the rules.