Second, where FINRA enforces statutory or administrative rules, or enforces its own rules promulgated pursuant to statutory or administrative authority, it is exercising the powers granted to it under the Exchange Act.

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Congress enacted statutory Prompt Corrective Action rules that discriminate against smaller banks and make it difficult for regulators to use judgment during times of severe financial distress.

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At first blush, this seems like a relatively straightforward case, one of statutory interpretation and the seemingly arcane rules of legal jurisdiction.

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Third, bureaucratic incentives make it difficult for agencies to engage in the review of existing rules when they are focused on meeting obligations for new rules, often under statutory or court deadlines.

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However, the tax rules for their exercise differ markedly from non-statutory options.

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It warned, depending on what inspectors found, the local authority could be investigated over its statutory duty to provide fair access to good quality education, under new rules due to come into force in May.

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The rules can be customized to fit the purpose, even if it requires a statutory exception.

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