by Sara Raisner and Mark Lanpher
![Photos of the authors](https://bpb-us-e1.wpmucdn.com/wp.nyu.edu/dist/4/3828/files/2023/07/PCCE-Blog-Graphic206.jpg)
Sara Raisner and Mark Lanpher (Photos courtesy of Shearman & Sterling)
On July 5, the United States Court of Appeals for the D.C. Circuit granted an emergency injunction blocking the Financial Industry Regulatory Authority (“FINRA”) from halting the securities business of Alpine Securities Corporation (the “Company”) through an expedited hearing process pending the Company’s appeal challenging the constitutionality of FINRA’s enforcement proceedings. Alpine Securities Corporation, et al v. Financial Industry Regulatory Authority, Inc., 1:23-cv-01506-BAH (July 5, 2023). While noting that this was not a decision on the merits, the court found that the Company had shown a likelihood that it will succeed on the merits in its challenge to the structure of FINRA enforcement actions, having at this early stage “raised a serious argument that FINRA impermissibly exercises significant executive power.”