Photo by Meriç Dağlı on Unsplash I. Nasdaq’s Authority Under the Exchange Act In the wake of the 1929 U.S. stock market crash, Congress sought to restore public confidence in the U.S. securities market by enacting a series of federal securities rules. Central among these was the Securities Exchange Act of 1934 (the “Exchange Act”), which created the Securities and Exchange Commission (“SEC”). The Exchange Act governs securities transactions on the secondary market, whereas the SEC...