The U.S. Court of Appeals for the District of Columbia Circuit will hear arguments this month in a case that could limit the Financial Industry Regulatory Authority’s ability to ban brokers from the securities industry.

The appellant is John Saad, a broker whom FINRA banned for submitting false expense reports and then lying to investigators. The respondent is the U.S. Securities and Exchange Commission, which approved Saad’s ban under a framework that permits FINRA to discipline brokers with sanctions that are remedial, not punitive. Saad argues that following the U.S. Supreme Court’s 2017 decision in Kokesh v. SEC, his bar cannot be considered remedial and must be reversed.

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