143698P.pdf   06/20/2016  Automated Matching Systems  v.  U.S. Securities and Exchange
   U.S. Court of Appeals Case No:  14-3698
                          and No:  15-2448
   U.S. District Court for the District of South Dakota - Sioux Falls   
   [PUBLISHED] Shepherd, Author, with Beam and Kelly, Circuit Judges] 
   Petition for Review - Order of the Securities and Exchange Commission. 
   Petitioner challenges an order of the Commission denying its application 
   for a limited volume exemption from registration as a national securities 
   exchange under Section 5 of the Securities Exchange Act of 1934 and the 
   district court's dismissal of the petitioner's complaint for lack of 
   jurisdiction; the Commission reasonably concluded that the Act does not 
   permit an exempt exchange to operate with the self-regulatory powers 
   petitioner proposed in its application; the district court did not err in 
   determining it did not have jurisdiction to hear petitioner's claims 
   alleging procedural deficiencies in the Commission's work or petitioner's 
   claim for a declaratory judgment.