The U.S. Chamber of Commerce's efforts to forestall the implementation of the SEC's new fund director rules are themselves stalled. The case appeared to end on Tuesday when the U.S. Court of Appeals in Washington declined to hear an appeal of a lower court ruling in favor of the SEC.
The Chamber of Commerce has fought the rules that would require additional independent directors and that fund boards be led by independent chairs.
Last month a court ordered a stay in the implementation of the rules that is not effected by this weeks ruling. The chamber is expected to file a brief in that case and that court is expected to also hear oral arguments in the case.
In June, the court found in favor of the chamber and ordered the SEC to reconsider the rules in light of their costs and possible alternatives to accomplishing the same objectives. The SEC responded by reissuing the rules on June 29 leading the chamber to again sue the SEC. The court implemented the stay on the rules in response to that suit.
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