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News September 13, 2004 Issue

SEC Responds to U.S. Chamber Suit

By a 3-2 vote (guess who the 2 were?), the SEC Commissioners have decided not to stay the effectiveness of the fund governance rules. In a September 9 letter, SEC general counsel Giovanni Prezioso conveyed the news to U.S. Chamber of Commerceís outside counsel Gibson Dunn partner Eugene Scalia and defended the SECís authority.