SEC Says No Can Do
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Friday, September 10, 2004

SEC Says No Can Do

SEC commissioners voted 3-2 to turn down a request by the trade group the U.S. Chamber of Commerce to delay the SEC's fund governance rule, expected to take effect in January 2006. The rule requires an independent director to chair fund boards and a three-quarters majority of independent directors.

The group tried to delay the rule while it pursues a case against the agency, the WSJ reported on Friday.

The U.S. Chamber of Commerce filed two lawsuits against the agency last week.

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