The Republicans tried unsuccessfully last year to argue the case in a lower federal court, but the judge ruled that only the appeals court had the authority to hear the case.
SEC attorney Jeffrey Berger told the court on Monday that Republicans could not bring the case because the law only gave parties a 60-day window to challenge a rule after it goes into effect. After that, he said, people can use other avenues, such as challenging the agency once it tries to enforce the rules against an adviser.