Document ID: ./input/supremecourt_opinions/opinions/14pdf/13-534_19m2.pdf
Page Number: 5.0

Cite as:  574 U. S. ____ (2015) 

5 

Syllabus 

supervision is not an adequate substitute for a decision by the State,” 
Ticor, supra, at 638.  Further, the state supervisor may not itself be
an  active  market  participant.    In  general,  however,  the  adequacy  of 
supervision otherwise will depend on all the circumstances of a case.
Pp. 17–18. 

717 F. 3d 359, affirmed. 

KENNEDY,  J.,  delivered  the  opinion  of  the  Court,  in  which  ROBERTS, 
C. J.,  and  GINSBURG,  BREYER,  SOTOMAYOR,  and  KAGAN,  JJ.,  joined. 
ALITO, J., filed a dissenting opinion, in which SCALIA and THOMAS, JJ., 
joined.