SEC Will Revote on Indy Rule
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Thursday, June 23, 2005

SEC Will Revote on Indy Rule

The SEC will vote again on the independent director rule the day before Chairman William Donaldson is set to resign, reports Reuters.

People familiar with the matter told Reuters that SEC staff are rushing to gather cost data and write an explanation for why they decided to go against disclosure.

On Tuesday, D.C. Appellate court Judge Douglas Ginsburg ruled in the Chamber of Commerce's case against the SEC regarding the fund governance rules that the agency did not overstep its bounds when setting fund board rules, but that it also failed to consider the costs of the proposed regulations and a disclosure alternative.

"There's a very substantial likelihood we will see (the SEC) back in the court," said Stephen Bokat, attorney for the Chamber of Commerce, said to Reuters.

"I think the court will be none too pleased if the commission has given them the back of the hand and short shrift in dealing with what the court asked them to do ... This court's not stupid," said Bokat.

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