Securities & Exchange Commission v. Wall Street Publishing Institute, Inc., D/B/A Stock Market Magazine

Opinion for the Court filed by Circuit Judge SILBERMAN.

SILBERMAN, Circuit Judge:

This appeal occasions our second review of efforts by the Securities and Exchange Commission to enjoin certain practices of Stock Market Magazine and its corporate parent, Wall Street Publishing Institute, Inc. (“WSPI”). At issue here is the SEC’s request, under the anti-touting provisions of the Securities Act of 1933, 15 U.S.C. § 77q(b) (1982), for an injunction that would require the magazine to disclose consideration received in exchange for publishing articles that feature particular firms’ securities. The…