5th Circuit court overturns Nasdaq requirement for diversity on boards; rules 9-8 that SEC diversity rules for Nasdaq companies are Unconstitutional. “In sum, Congress passed the original Exchange Act primarily to protect investors and the American economy from speculative, manipulative, and fraudulent practices,” the panel wrote. “SEC may not approve even a disclosure rule unless it can establish the rule has some connection to an actual, enumerated purpose of the Act.” archive.is/Z37B9