United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2001_register executive 2010-09-24 article Part IV Rules and Regulations D09002ee1c81e7cea D09002ee1c81e7dd3 United States Securities and Exchange Commission originator org United States Government Agency or Subagency The Commission is adopting amendments to certain exemptive rules under the Investment Company Act of 1940 to require that, for investment companies that rely on those rules: independent directors constitute a majority of their board of directors; independent directors select and nominate other independent directors; and any legal counsel for the independent directors be an independent legal counsel. We also are adopting amendments to our rules and forms to improve the disclosure that investment companies provide about their directors. These amendments are designed to enhance the independence and effectiveness of boards of directors of investment companies and to better enable investors to assess the independence of those directors. 66 FR 3734 https://www.govinfo.gov/app/details/FR-2001-01-16/01-536 01-536 fr16ja01-13 RIN 3235-AH75 8010-01-P Release Nos. 33-7932 34-43786 IC-24816 File No. S7-23-99 https://www.govinfo.gov/app/details/FR-2001-01-16/01-536 https://www.govinfo.gov/content/pkg/FR-2001-01-16/html/01-536.htm https://www.govinfo.gov/content/pkg/FR-2001-01-16/pdf/01-536.pdf Reporting and Recordkeeping Requirements Securities Investment Companies 35 p. 3734 3768 66 FR 3734 Title 17 Part 239 17 CFR Part 239 Title 17 Part 240 17 CFR Part 240 Title 17 Part 270 17 CFR Part 270 Title 17 Part 274 17 CFR Part 274 RIN 3235-AH75 Role of Independent Directors of Investment Companies; Federal Register Vol. 66, Issue RULE 01-536 IV SECURITIES AND EXCHANGE COMMISSION 2001-02-15 Release Nos. 33-7932 34-43786 IC-24816 File No. S7-23-99 8010-01-P 01-536 Final rule.

The Commission is adopting amendments to certain exemptive rules under the Investment Company Act of 1940 to require that, for investment companies that rely on those rules: independent directors constitute a majority of their board of directors; independent directors select and nominate other independent directors; and any legal counsel for the independent directors be an independent legal counsel. We also are adopting amendments to our rules and forms to improve the disclosure that investment companies provide about their directors. These amendments are designed to enhance the independence and effectiveness of boards of directors of investment companies and to better enable investors to assess the independence of those directors.

Effective Date: February 15, 2001, except that the rescission of Sec. 270.2a19-1 under the Investment Company Act will become effective May 12, 2001. For information regarding the Investment Company Act rule amendments, contact Jaea F. Hahn, Attorney, Martha B. Peterson, Special Counsel, or C. Hunter Jones, Assistant Director, Office of Regulatory Policy, (202) 942-0690, or regarding the disclosure amendments, contact Kimberly Browning, Attorney, Peter M. Hong, Special Counsel, or Kimberly Dopkin Rasevic, Assistant Director, Office of Disclosure Regulation, (202) 942-0721, at the Division of Investment Management, Securities and Exchange Commission, 450 5th Street, NW., Washington, DC 20549-0506. Reporting and Recordkeeping Requirements Securities Investment Companies Investment companies: Investment company boards of directors; independent directors role, http://www.sec.gov/news/speeches/spch346.htm http://www.sec.gov/news/speeches/spch364.htm http://www.sec.gov/offices/invmgmt/rountab.htm http://www.sec.gov/rules/extra/brownin1.htm Vol. 66, no. 10 Office of the Federal Register, National Archives and Records Administration 2001-01-16 continuing daily deposited born digital 423 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2001-01-16 P0b002ee180a1209c 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr16ja01 https://www.govinfo.gov/app/details/FR-2001-01-16 https://www.govinfo.gov/content/pkg/FR-2001-01-16/pdf/FR-2001-01-16.pdf https://www.govinfo.gov/content/pkg/FR-2001-01-16/xml/FR-2001-01-16.xml fdlp 3439 3851 DGPO 2010-09-24 2024-06-08 FR-2001-01-16 machine generated eng FR FR-2001-01-16 66 10