A U.S. Appeals Court overturned a Securities and Exchange Commission rule that had required companies listed on the Nasdaq stock exchange to disclose whether their boards had women or minority members-and if not,

A federal appeals court on Wednesday struck down the Nasdaq's diversity disclosure rules for companies listed on the stock exchange, which were designed to boost the representation of women and minority directors on boards.

In a 51-page opinion, nine of 17 judges on the full 5th Circuit found the rule violates the Securities Exchange Act of 1934.