Fund governance on SEC agenda
SEC Chairman Christopher Cox recently said that his agency plans this year to tackle the contentious issue of mutual fund governance.
SEC Chairman Christopher Cox recently said that his agency plans this year to tackle the contentious issue of mutual fund governance. A federal appeals court last year rejected an SEC rule requiring independence on fund boards after the U.S. Chamber of Commerce challenged the rule. As originally proposed, the regulation would require funds to have independent chairmen along with 75% of their boards. In a recent industry speech, Mr. Cox said the SEC is reviewing comments on its proposal and also on two related staff economic papers. For more information, go to www.sec.gov/rules/proposed/2006/ic-27600.pdf
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