On July 14, the U.S. Court of Appeals for the District of Columbia Circuit ruled that Dodd-Frank Act provisions authorizing the SEC to punish certain misconduct by barring association with municipal advisors and rating organizations may not be applied with respect to misconduct that took place prior to the effective date of the provisions. Koch et al. v. SEC, No. 14-1134 (D.C. Cir. Jul. 14, 2015). The Koch appeal arose from an SEC finding that the defendants had violated the securities laws by engaging in a market manipulation practice known as “marking the close,” and the SEC’s imposition of sanctions that, among others, prohibiting Koch from associating with municipal advisors and rating organizations. The DC Circuit upheld the finding of violations, but vacated the part of the order barring Koch from associating with municipal advisors and rating organizations on the basis the relevant Dodd-Frank provisions authorizing that sanction had not been enacted at the time of the misconduct. The court determined that applying those provisions was impermissibly retroactive, as there was no showing that Congress intended the provisions to apply retroactively and because it triggered additional legal consequences not existing at the time of the misconduct. The court did not disturb the other remedial orders in the case, including bars to association with other securities industries.