NASAA amicus brief filed in the U.S. Supreme Court in Merrill Lynch v. Manning arguing the petitioners’ interpretation of Section 27 of Securities Exchange Act of 1934 ignores traditional federal question jurisprudence, that the history and structure of the Exchange Act do not support the petitioners’ reading of Section 27, and that petitioners’ interpretation of Section 27 would disrupt the balance between federal and state securities regulation struck by Congress. (NASAA’s brief was prepared with substantial assistance from the University of Virginia Law School’s Supreme Court Litigation Clinic)