Morgan Stanley & Co. v. Securities Exchange Commission

CHASE,. Circuit Judge

(dissenting).

It is obvious that; by the statutory definition of áffiliate-in ■ § 2(a) (11)' (D) of the Act, 15 U.S.C.A. § 79b(a) (11) (D), as “any person or ■ ¿lass' óf pers'ons that the Commission determines, after appropriate notice and opportunity for hearing, to stand in such relation to such specified company that there is liable to be such an absence of arm’s-length bargaining in transactions' between them as to make it necessary or appropriate in the public interest or for the protection of investors or consumers that such person be subject to the obligations,…