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SEC RIN: 3235-AJ62 Publication ID: Spring 2011 
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 and December 2006, the Commission requested additional comment regarding the fund governance provisions. 
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