--- title: Court of Appeals Affirms SEC’s Reg A+, Rejecting States’ Arguments description: Court of Appeals Affirms SEC’s Reg A+, Rejecting States’ Arguments --- ![websites-group](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/new-MMG-01.svg) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-new-marketsmedia-logo.svg)](https://www.marketsmedia.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-traders-redlogo.svg)](https://www.tradersmagazine.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-bestexe-logo.svg)](https://www.bestexecution.net/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-fidesk-logo.svg)](https://www.fixglobal.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-fixglobal-new-logo.svg)](https://www.fixglobal.com/) - [*Facebook*](https://www.facebook.com/MarketsMedia/) - [*Twitter*](https://twitter.com/marketsmedia) - [*Linkedin*](https://www.linkedin.com/company/markets-media-llc) - [Newsletter](https://articles.marketsmedia.com/court-appeals-affirms-secs-reg-a-rejecting-states-arguments#popup-newsletter) #### Want the latest news on securities markets -- FREE? 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Circuit on Tuesday shot down attempts by Massachusetts and Montana securities regulators to nullify the Securities and Exchange Commission’s capital raising rule, Regulation A+. The petitioners, William Galvin and Monica Lindeen, the chief securities regulators for Massachusetts and Montana, respectively, argued that because the SEC “declined to adopt a qualified-purchaser definition limited to investors with sufficient wealth, revenue or financial sophistication to protect their interests without state protection, Regulation A-Plus fails both parts of the United States Supreme Court’s statutory construction standards enunciated in *Chevron, U.S.A., Inc. v. Natural Resources Defense Council, Inc*., 467 U.S. 837, 842–43 (1984).”   [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/court-appeals-affirms-secs-reg-a-rejecting-states-arguments) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/court-appeals-affirms-secs-reg-a-rejecting-states-arguments) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/court-appeals-affirms-secs-reg-a-rejecting-states-arguments) ![email](https://articles.marketsmedia.com/hubfs/Markets%20Media/email.svg) ### NEWSLETTER SIGN UP And receive exclusive articles on securities markets ### Related articles 1. 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