A federal appeals court, specifically the U.S. 5th Circuit Court of Appeals, has ordered the Securities and Exchange Commission (SEC) to review rules implemented during the Biden administration that require investors to disclose detailed information about short selling and related stock lending activities. The court directed the SEC to assess the economic impact of these transparency-boosting regulations, which were challenged by hedge funds. The ruling criticized the SEC's approach, describing it as a 'regulatory sleight of hand.' This decision marks a partial victory for the hedge funds contesting the rules. Separately, the same court upheld the constitutionality of an Oregon law aimed at increasing transparency in prescription drug pricing, rejecting a challenge from a pharmaceutical industry group.