to it by the Exchange Act. The NYSE, as a SRO, stands in the shoes of the SEC in interpreting the securities laws for its members and in monitoring compliance with those laws. It follows that the NYSE should be entitled to the same immunity enjoyed by the SEC when it is performing functions delegated to it under the SEC’s broad oversight authority. See Sparta Surgical Corp., 159 F.3d at 1213 (“Extending immunity when a self-regulatory organization is exercising quasi-governmental powers is consistent with the structure of the securities market as constructed by Congress.”); Austin Mun. Sec., 757 F.2d at 690-91 (“[The] NASD disciplinary officers serve as surrogates for the SEC, and should receive the same immunity their principles [sic] possess.”); D'Alessio, 125 F.Supp.2d at 658 (<HOLDING>). In determining whether the NYSE is entitled
holding that an employer who performs administrative functions under a group insurance policy as in the instant case is deemed to be the agent of the insurer citing elfstrom holding that the employer may be considered the insurers agent where the employer with the consent of the insurer performs routine administrative functions such as assisting in the processing of claims holding that according the nyse absolute immunity when it performs regulatory functions that would otherwise be performed by the sec is a matter not simply of logic but of intense practicality since in the absence of such immunity the nyses exercise of its quasigovernmental functions would be unduly hampered by disruptive and recriminatory lawsuits holding that qualified immunity extends to government officials performing discretionary functions holding that in the absence of a statute providing immunity the defense of sovereign immunity is not available to a municipal corporation in an action for damages alleged to be caused by the tortious conduct of the municipality