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Banking Law Keyed to Barr, 3rd Ed.
Chamber of Commerce of the United States of America v. Securities and Exchange Commission
Citation:
412 F.3d 133 (2005)Facts
In 2004, the Securities and Exchange Commission proposed amendments to ten “Exemptive Rules” that permit mutual funds to engage in certain transactions otherwise prohibited by the Investment Company Act. These amendments were prompted by revelations of abuses in the mutual fund industry, including late trading and market timing, which the SEC viewed as evidence of a “serious breakdown in management controls.” The SEC had previously amended these rules in 2001 to require funds to have boards with a majority of independent directors, but now sought to strengthen governance further. After a comment period, the SEC adopted five new conditions, including requirements that funds have boards with at least 75% independent directors and an independent chairman. The SEC justified these conditions as necessary to enhance the ability of fund boards to protect shareholders from conflicts of interest inherent in the mutual fund structure. The Chamber of Commerce challenged these amendments, arguing that the SEC lacked authority to regulate fund governance and failed to adequately consider costs and alternatives as required by the Administrative Procedure Act.
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