The National Association of Manufacturers sued the U.S. Securities and Exchange Commission this week, saying privately held companies would improperly be required to make financial disclosures under an SEC rule requiring broker-dealers to quote securities if publicly disclosed by issuers. 

NAM, joined by the Kentucky Association of Manufacturers, alleges the agency reinterpreted its existing Rule 15c2-11 without providing an opportunity for public comment, in violation of the federal Administrative Procedure Act.