The ICI sent a letter Monday to the SEC, continuing to argue against the proposed requirement that three quarters of fund directors, chairman included, not be tied to its management.

The Wall Street Journal reports that the mutual fund industry trade group instead suggests requiring only two-thirds to be independent, with no rule regarding the chairman.

According to the WSJ, the ICI sees no benefits and high costs to the SEC's idea, and thus said "we cannot support this requirement."

The SEC has already seen two court losses regarding the proposed rule, and closed a court-ordered public comment period on the plan's costs Monday. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE