Securities Law Prof Blog

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

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Friday, February 9, 2007

SEC New Rule on Independent Directors Rule for Mutual Funds in the Works?

Many thought the SEC rule requiring mutual funds to have 75% independent directors and an independent chair was dead after the D.C. Circuit kicked it back for reconsideration and Christopher Cox replaced William Donaldson as SEC Chair.  But Mr. Cox apparently wants some form of the rule adopted and is working to achieve consensus on an issue that split the Commission 3-2 last time around.  Some think a revised rule requiring 75% independent directors but not an independent chair wll pass muster with both the SEC and the industry.  See WSJ, Cox's 'Independent' Day.

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

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