(Reuters) — Virtu Financial Inc. said on Tuesday it has sued the U.S. Securities and Exchange Commission, alleging the regulator failed to respond to the market maker’s request for public records.
Virtu said it filed a request through the Freedom of Information Act in June to determine whether the SEC had met legal requirements to evaluate potential investor harm and market risk while weighing new rules governing the handling and execution of retail stocks.
The SEC did not immediately respond to a request for comment.
Agencies are required by law to respond to a FOIA request within 20 days, but the law does not require agencies to provide all response documents within that time frame. Such document requests do not always yield concrete answers and can have long waiting times.
The SEC under Democratic Chairman Gary Gensler has come under scrutiny from Republican lawmakers and industry for what they describe as an aggressive and sweeping overhaul of existing rules and shortened timelines for public comment.