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News January 17, 2005 Issue

SEC Files Brief in U.S. Chamber Case

The SEC filed a 62-page reply brief last week in the case of U.S. Chamber of Commerce v. SEC. Among other things, the SEC challenged the groupís standing to bring the case. The SEC pointed out that the Chamber has not identified any of its adviser members "so as to permit inquiry into whether they have been harmed" (and, it might be added, let the rest of us in on who in the investment management industry is really behind the Chamberís suit). "As far as we know," said the SEC, the Chamberís fund adviser members may "fully support the rule amendments."