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U.S. Court of Appeals Overturns Director Independence Rules

This Client Advisory discusses the U.S. Court of Appeals ruling that the SEC violated the Administrative Procedures Act in promulgating a rule that requires every registered investment company under the Investment Company Act of 1940 that relies on certain of the SEC's Exemptive Rules to have an independent director serve as chair of its board and to have at least 75% independent directors.

Client Advisory (PDF)