Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Thursday, February 15, 2007

SEC Considers New Version of Independent Fund Chair Rule

SEC Chair Cox has said many times he wants to operate by consensus.  The SEC is discussing a compromise to the mutual fund independent chair rule.  Under this proposal, mutual funds would be required to have an independent chair, but could opt out if they met several tests, including a super-majority of independent directors and an independent lead directors.  See WSJ, SEC Considers Fund-Board Compromise.

http://lawprofessors.typepad.com/securities/2007/02/sec_considers_n.html

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