Manuel P. Asensio, Exchange Act Rel. 62645, August 4, 2010
In June the Commission dismissed Asensio's appeal from a NASD bar order because of his failure to file timely. Asensio filed a motion to reconsider. Noting that such motions are limited to corrections of manifest errors of law or fact or to permit presentation of newly discovered evidence, the Commission denied the motion. The Commission rejected Asensio's appointments clause argument by noting that Finra does not exercise federal power citing U.S. v. NASD, 422 U.S. 694, 700, n.6 (1975).
The Commission rejected Asensio's challenge to its recitation of facts in the original order noting that it never adjudicated those facts as it dismissed the appeal on jurisdictional grounds.
