• Court of Appeals Sides with U.S. Chamber of Commerce
  • April 11, 2006
  • Law Firm: Kramer Levin Naftalis & Frankel LLP - New York Office
  • The U.S. Court of Appeals for the District of Columbia Circuit today vacated the Securities and Exchange Commission's rules requiring investment companies relying on certain exemptions to have a board consisting of at least 75 percent independent directors and an independent chair. In an unusual, but not unprecedented, move, the Court delayed implementation of its "mandate" for 90 days, to allow the Commission to assess the impact of the ruling or to ask the court to modify the ruling.