The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:SEC  and Chamber of Commerce Face Off in Court Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, January 09, 2006

SEC and Chamber of Commerce Face Off in Court

by: Armie Margaret Lee

In the latest chapter of its legal tussle with the U.S. Chamber of Commerce, the Securities and Exchange Commission argued last week that it acted "properly, professionally and responsibly" when it readopted a mutual-fund rule, according to a report from The Wall Street Journal.

The oral argument took place Friday before U.S. Court of Appeals in Washington.

At the center of the dispute is a rule passed by the SEC in 2004 which requires that the chair of a mutual fundís board of directors and 75 percent of board members be independent of the fund adviser.

The rule, initially set to take effect this month, was challenged by the Chamber, which argued that the SEC had gone beyond scope of its authority. Last June, the appellate court sent the rule back to the SEC to evaluate the costs that would accompany the ruleís provisions. After eight days, the SEC readopted the rule. The Chamber frowned on the review, saying the SEC had readopted the rule without soliciting public input.

Eugene Scalia, a lawyer for the Chamber, said the SEC acted "in a rush to judgment." 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2023: Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2023
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use