October 1, 2014 / 7:33 PM / 3 years ago

Republicans file appeal on their challenge to SEC pay-to-play rule

WASHINGTON, Oct 1 (Reuters) - Two state Republican parties filed an appeal on Wednesday after a lower court dismissed their complaint against a U.S. Securities and Exchange Commission rule that restricts campaign contributions by asset managers.

The appeal by the New York and Tennessee Republican parties comes less than 24 hours after a U.S. District Court judge in Washington, D.C. ruled that she had no jurisdiction to review their complaint against the SEC's 2010 pay-to-play rule.

The Republicans are seeking a preliminary injunction against the rule, and argue the restrictions it imposes on asset managers who make campaign contributions infringe on free speech rights. Their complaint was first filed in the summer, just months before the upcoming 2014 midterm elections when Republicans are hoping to regain control of the Democratic-controlled U.S. Senate. (Reporting by Sarah N. Lynch; Editing by Eric Walsh)

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