Atkins notes a D.C. Circuit court vacated SEC's 75% independent director and independent chair requirement over 20 years ago.
“More than 20 years ago, the U.S. Court of Appeals for the District of Columbia Circuit vacated a rulemaking that would have mandated a board with no less than 75% independent directors and an independent chair as a condition to reliance on certain exemptive rules.”
Atkins says aligning regulations with the court's vacatur reaffirms commitment to sound regulatory principles.
“which bring our regulations into alignment with the Federal court’s vacatur of both the 75% requirement and the independent chair requirement. These amendments are a necessary step to reaffirm our commitment to sound regulatory principles.”
Atkins says the Commission must move quickly to restructure the CAT to address cost, governance, and funding issues.
“I believe that it is critical for the Commission to move quickly and lay the groundwork necessary to restructure the CAT to address persistent cost, governance, and funding issues.”