The controversial Securities and Exchange Commission rule requiring 75% of a mutual fund's board to be independent was temporarily stayed last week by a federal appeals court.
In late June, the day before former Chairman, William Donaldson left office, the SEC reaffirmed contentious mutual fund rules which had been sent back by the courts for review.
The US Court of Appeals for the District of Columbia Circuit had voted unanimously just 10 days prior to send back to the SEC its ruling requiring at least 75% of a mutual fund's board, including the chairman, should be independent, demanding that the SEC give thorough consideration to the rule's costs and alternatives.
However, the US Chamber of Commerce launched a second appeal against the measure, and on Wednesday received a favourable ruling from the three judge panel, which will reportedly hear further arguments on the matter later this year.
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