A federal court in Maryland dismissed a challenge by Scottsdale Capital Advisors Corporation, a Securities and Exchange Commission-registered broker-dealer, and certain of its senior officers, that FINRA had no jurisdiction to bring a disciplinary action against them alleging violations of the Securities Act of 1933. The Securities Act was the first US federal securities law and generally addresses the issuance of securities, including imposing registration and disclosure requirements. Plaintiffs contended that FINRA has no authority to prosecute claims under the Securities Act because its disciplinary authority is limited to matters that might constitute violations of the Exchange Act of 1934, a provision of US law that established the SEC, authorizes national securities associations such as FINRA and generally governs the secondary trading of securities, financial markets and their participants, including broker-dealers. FINRA commenced a disciplinary action against plaintiffs in May 2015, charging their violations of a provision of the Securities Act that generally prohibits the public distribution of an unregistered security without an exemption.