Far be it from the SEC
to sulk over a court ruling. Two months after a Washington appeals court deemed the Commission had not properly sought public comment on a mutual fund governance rule, the body announced
it has opened a new 60-day comment period, as ordered. In fact, the Commission beat the court's specified deadline for filing a status report by 23 days, a fact pointed out in Tuesday's announcement.
The rule in question requires most funds' boards of directors to have an independent chair as well as 75 percent independent membership.
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