By: Cydney Posner

As anticipated, the SEC has scheduled an open meeting for June 29 to consider Securities Act reform. Interestingly, also on the agenda are the matters remanded to the SEC by the U.S. Court of Appeals for the District of Columbia Circuit on June 21, 2005 in its decision in Chamber of Commerce v. SEC regarding the Commission's "Investment Company Governance" rules (69 FR 46378 (Aug. 2, 2004)). The remanded matters, as discussed more fully in the court's opinion, are (1) costs of complying with the 75% independent director condition and the independent chairman condition and (2) a disclosure alternative to the independent chairman condition. (One might speculate that there is concern that, if the reconsideration were left to the new Cox administration, it might not survive a second review. Hence the rush to add it to the agenda? Will they need to vote again on this matter and will they do that on the 29th also?)

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