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News October 25, 2004 Issue

No Emergency Stay For Chamber

The U.S. Chamber of Commerce has lost its bid for an emergency stay of the SECís fund governance rules.

In an October 18 order, the U.S. Court of Appeals for the District of Columbia said that the Chamber "has not satisfied the stringent standards required for a stay pending court review." However, the court did agree to speed things up, granting the Chamberís motion for an expedited hearing. At press time, the briefing schedule and date of oral argument had not been set.

"Weíre pleased with the courtís decision to take up the case on an expedited basis, which reflects its recognition that the case presents serious questions about the Commissionís exercise of its rulemaking authority," said Chamber lawyer Eugene Scalia of Gibson, Dunn & Crutcher LLP.