Securities and Exchange Commission Chairman Christopher Cox says the controversial independent-chairman rule that a court sent back for further study will get a “thorough process,” one that may open old wounds. Cox told reporters after a recent hearing that a proposal to ease the burden on small businesses by requiring internal control reviews every three years is under “very active consideration.” Meanwhile, SEC Commissioner Roel Campos, who voted for the rule the first time around, says that if all it will take is a little public comment to satisfy the court, the rule can remain intact.
“I think the commission would make mistake by changing and diluting the rule,” Campos told reporters, adding that it’s the least expensive of all mutual fund compliance rules, there has been no negative feedback from the industry and most of the industry has already adopted it.