The US Securities and Exchange Commission has come under fire on two fronts as it attempts to reform the regulatory oversight of the US mutual and hedge funds industries.
On September 2 the US Chamber of Commerce filed a lawsuit to try to derail an SEC rule that would require mutual funds to have independent chairmen – a case the regulator will vigorously contest. Just days later, the SEC received a letter from a Washington DC law firm questioning its rulemaking authority over proposed hedge fund reforms.
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