adverse impact" on the financial integrity of the holding company system. NARUC had complained that the safe harbor criteria were not rigorous enough to ensure that SEC approval did not adversely affect any utility subsidiaries or the ability of state regulators to protect the utility or its customers (an additional requirement of EPAct). The court found the new rules a "rational attempt to balance competing statutory policies" and a permissible construction of the statute. National Association of Regulatory Utility Commissioners v. SEC, No. 93-1778, Aug. 22, 1995 (D.C.Cir.).
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