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Re: SEC Re-approves Fund Board Independence Requirements; Glassman Named Acting Chairman

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  • John M. Baker
    The SEC release in response to the D.C. Circuit opinion is now available online. Release No. IC-26520 (June 30, 2005). While the dissenting Commissioners did
    Message 1 of 2 , Jul 6, 2005
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      The SEC release in response to the D.C. Circuit opinion is now
      available online. Release No. IC-26520 (June 30, 2005). While the
      dissenting Commissioners did not provide a formal dissent (or, at
      least, have not as of yet), the meeting statements of all five
      Commissioners, as well as links to the release, comment letters, and
      other relevant information, are available at this link, which it may
      be necessary to cut and paste to view on one line:

      http://www.sec.gov/rules/final/finalarchive/finalarchive2004.shtml#26
      520



      John M. Baker <JMB@...>
      Stradley Ronon Stevens & Young, LLP http://www.stradley.com
      1220 19th Street NW, Suite 600
      Washington DC 20036
      202.822.9611
      202.822.0140 fax
      FundLaw Listowner http://groups.yahoo.com/group/fundlaw



      --- In FundLaw@yahoogroups.com, "Baker, John" <JMB@s...> wrote:
      > The Securities and Exchange Commission, in a contentious 3 -
      2
      > vote on June 29, has re-approved the fund governance rules
      requiring
      > most registered investment companies to have an independent
      chairman and
      > a board that is at least 75% independent. I have prepared a
      Stradley
      > Ronon Fund Alert describing the Commission action, and it is
      available
      > at Stradley Ronon's Fund Forum page at
      >
      > http://www.stradley.com/asp/publications/res_icrc.asp
      >
      > Uncharacteristically, the SEC did not issue a press release
      > describing its action, and the formal release is not yet
      available, but
      > SEC Chairman William Donaldson and Commissioner Cynthia Glassman
      have
      > posted their statements from the meeting at
      >
      > http://www.sec.gov/news/speech.shtml

      Note: The action was mentioned briefly in a subsequent press release.
      >
      > Today is Chairman Donaldson's last day at the SEC, and
      > Christopher Cox, whom President Bush has nominated to be the next
      > Chairman, has not yet been confirmed. Pending confirmation of a
      new
      > Chairman, President Bush has named Commissioner Glassman to serve
      as
      > Acting Chairman of the SEC; her designation does not require Senate
      > confirmation. There had been some speculation in the press that
      > Commissioner Paul Atkins, who has at times been more outspoken,
      would be
      > named Acting Chairman, but Commissioner Glassman has seniority on
      the
      > Commission and insiders perceived her as the logical choice to
      fill the
      > interim position.
      >
      >
      > John M. Baker <JMB@S...>
      > Stradley Ronon Stevens & Young, LLP http://www.stradley.com
      > 1220 19th Street NW, Suite 600
      > Washington DC 20036
      > 202.822.9611
      > 202.822.0140 fax
      > FundLaw Listowner http://groups.yahoo.com/group/fundlaw
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