The Loan Syndications and Trading Association, or LSTA, is a not-for-profit trade association representing members participating in the syndicated corporate loan market.   The LSTA has petitioned the United States Court of Appeals for the District of Columbia for review of the SEC and the Fed’s rules relating to credit risk retention and Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

The LSTA challenges the rules as “arbitrary, capricious, an abuse of discretion, or otherwise not in accordance with law,” and as “in excess of statutory jurisdiction, authority, or limitations.”

Maybe, but maybe the appropriate forum is the District Court.  Both the resource extraction and conflict minerals rule challenges were brought in the Court of Appeals but ended up in the District Court.

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