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SEC

RIN: 3235-AJ62

Publication ID: Fall 2008

Title: Investment Company Governance
Abstract: A Federal appeals court vacated certain amendments adopted by the Commission to rules under the Investment Company Act. The amendments, first proposed on January 15, 2004, would have imposed two conditions on investment companies ("funds") relying on certain exemptive rules. First, fund boards would have to have been comprised of at least 75 percent independent directors. Second, the boards would have to have been chaired by an independent director. In June 2006, the Commission requested additional comment regarding the fund governance provisions. In December 2006, the Commission reopened the comment period on its June 2006 request for comment in order to permit public comment on two papers prepared by the Office of Economic Analysis. The comment period for the December release closed on March 2, 2007. The Commission staff is reviewing the comments and determining what action to recommend to the Commission.
Agency: Securities and Exchange Commission(SEC)	Priority: Substantive, Nonsignificant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Long-Term Actions
Major: Undetermined	Unfunded Mandates: No
CFR Citation: 17 CFR 270.0-1(a)
Legal Authority: 15 USC 80a-6(c) 15 USC 80a-10(f) 15 USC 80a-12(b) 15 USC 80a-17(d) 15 USC 80a-17(g) 15 USC 80a-23(c) 15 USC 80a-37(a)

Legal Deadline: None

Timetable:

Action	Date	FR Cite
Notice	06/19/2006	71 FR 35366
Comment Period End	08/21/2006
Comment Period Reopened	12/21/2006	71 FR 76618
Comment Period End	03/02/2007
Next Action Undetermined	To Be Determined

Regulatory Flexibility Analysis Required: Undetermined	Government Levels Affected: None
Small Entities Affected: No	Federalism: No
Included in the Regulatory Plan: No
RIN Information URL: www.sec.gov/rules/proposed/2006/ic-27600.pdf
RIN Data Printed in the FR: No
Related RINs: Related to 3235-AJ05
Agency Contact: Penelope W. Saltzman Senior Special Counsel, Division of Investment Management Securities and Exchange Commission 100 F Street NE, Washington, DC 20549 Phone:202 551-6734 Email: saltzmanp@sec.gov