[Download] "Judicial Watch, Inc. v. Dept of Justice" by United States Court of Appeals for the District of Columbia Circuit. " Book PDF Kindle ePub Free
eBook details
- Title: Judicial Watch, Inc. v. Dept of Justice
- Author : United States Court of Appeals for the District of Columbia Circuit.
- Release Date : January 27, 2005
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 66 KB
Description
This appeal concerns the continuing challenge by the Chamber of Commerce of the United States to the rule promulgated on July 27, 2004 ("the Rule") by the Securities and Exchange Commission amending the Exemptive Rules under the Investment Company Act of 1940 ("ICA"), 15 U.S.C. § 80a-1 et seq. (2000). The Rule requires that mutual funds relying on the Exemptive Rules adopt certain governance practices, including those set forth in two conditions: a fund must have (1) a board with no less than 75% independent directors and (2) an independent chair. See Investment Company Governance, Release No. 26,520, 69 Fed. Reg. 46,378, 46,381 (Aug. 2, 2004) ("Adopting Release"). In Chamber of Commerce v. SEC, 412 F.3d 133 (D.C. Cir. 2005) ("Chamber I"), the court held that the Chamber had standing to challenge the Rule, the Commission had authority to promulgate the Rule, and the Commission had not violated the Administrative Procedure Act ("APA"), 5 U.S.C. § 551 et seq., except when it failed, as required by the ICA, to determine the costs of the two conditions and when it failed to address a proposed alternative to the independent chair condition. The court remanded the case to the Commission.