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News June 21, 2004 Issue

It’s Decision Time . . .

On Wednesday, June 23, the SEC will decide whether to adopt its highly-controversial independent chairman rule amendments. Last week, all seven living former SEC Chairmen sent a letter to the Commission urging them to require funds to have independent chairs. The amendments additionally would require that 75 percent of a fundís board be independent.

The SEC also will consider adopting rule amendments to require registered funds to disclose in shareholder reports how their board selected the fundís adviser (and provide more disclosure on that topic in proxy statements).