SEC properly held that aspiring dark pool sought too much self-regulatory power. Automated Matching Systems Exchange (AMSE) appealed a final agency order by the SEC denying AMSE’s application for a limited volume exemption from registration as a national securities exchange and the district court’s dismissal of AMSE’s complaint for lack of jurisdiction. The Eighth Circuit affirmed, determining that the SEC reasonably concluded that the Act does not permit an exempt exchange to operate with the self-regulatory powers that AMSE proposed in its application, and that the district court lacked jurisdiction to consider AMSE’s claims. (6/20/2016) SEC.