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In contrast, Judge Howell praised the trading commission's work on the mutual fund rule.
Eventually, in July 2006, the D.C. Circuit in Goldstein v. SEC vacated the hedge fund rule as an instance of arbitrary rulemaking by the SEC.
Gibson Dunn often represents the United States Chamber of Commerce, which defeated the S.E.C.'s proxy access plan and twice persuaded the court to knock down a mutual fund rule.
[C4.] Group to Seek Reversal of Fund Rule The United States Chamber of Commerce said it had asked a federal court to overturn a rule requiring mutual fund boards to have independent chairmen and majorities of independent directors.
[C3.] S.E.C. Approves Fund Rule After Contentious Debate The last meeting of the Securities and Exchange Commission led by its departing chairman, William H. Donaldson, included vitriolic debate as the five commissioners voted 3 to 2 to adopt a rule requiring greater independence on mutual fund boards.
BA took a further £336m from the APS surplus in 1989 to settle a pay claim using an improperly introduced pension fund rule – see Hansard's report of this week's extremely well-attended House of Commons adjournment debate on BA and pensions uprating.
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The "new hedge fund rules do not discriminate against foreign players and are not protectionist," he said.
That reprieve allowed Gordon Brown, the former British prime minister, to campaign during the general election this month on promises to continue fighting for hedge fund rules that suited Britain.
Timothy F. Geithner, the U.S. Treasury secretary, complained about the proposed hedge fund rules Thursday to the E.U.'s financial markets chief, Michel Barnier.
Fund rules will prohibit it from applying this charge to the affected clients, so the effect will be to penalise all investors, American or not.
As part of its reform of mutual fund rules, the S.E.C. is recommending that managers disclose whether they also run hedge funds.
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