Virtu sues U.S. SEC securities regulator over data request By Reuters

© Reuters. FILE PHOTO: The emblem for Virtu Monetary Inc. is displayed on a put up on the ground of the New York Inventory Alternate (NYSE) in New York, U.S., November 8, 2018. REUTERS/Brendan McDermid

(Reuters) – Virtu Monetary (NASDAQ:) Inc on Tuesday stated it has sued the U.S. Securities and Alternate Fee, alleging the regulator failed to reply to the market maker’s public data request.

Virtu stated it submitted a request by the Freedom of Info Act (FOIA) in June to find out if the SEC had met authorized necessities to judge potential investor hurt and market dangers whereas weighing new guidelines for retail inventory order dealing with and execution.

The SEC didn’t instantly reply to a request for remark.

Businesses are required by regulation to reply to a FOIA request inside twenty days, however the regulation doesn’t require companies present all responsive paperwork inside that time-frame. Such doc requests don’t at all times yield substantive responses and might have prolonged ready intervals.

The SEC below Democratic chair Gary Gensler has come below scrutiny from Republican lawmakers and business for what they describe as an aggressive and sweeping overhaul of present guidelines and shortened time strains for public remark.