MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, September 2, 2004 Business Group Asks Court to Overturn Indy Director Rule The U.S. Chamber of Commerce is taking the SEC to court. The chamber is challenging the SEC's controversial ruling requiring mutual fund boards to have independent chairmen. "The SEC has over-reached its authority, resulting in a rule that is bad for investors and contrary to the intent of Congress," stated Stephen Bokat, the chamber's general counsel. The suit was filed in federal court, reported Reuters. "Mutual fund investors often select funds based on the reputation of the adviser who they expect will provide leadership for the fund," stated Bokat. "The SEC has unlawfully eliminated a valid investment decision." The chamber represents more than three million businesses. Printed from: MFWire.com/story.asp?s=7955 Copyright 2004, InvestmentWires, Inc. All Rights Reserved |