Proposed Rule Changes
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The Securities and Exchange Commission proposed several rule changes yesterday that are now subject to public comment:
· Corporate audits: A requirement that companies closely examine their financial controls would be relaxed to give managers greater flexibility. Business groups have complained that compliance with audit rules established under the 2002 Sarbanes-Oxley Act is too expensive.
· Hedge funds: Investors who want to invest in these lightly regulated investment pools would be required to have a minimum of $2.5 million in assets, up from the current $1 million.
· Mutual fund governance: The agency resubmitted a rule to require a majority of mutual fund board members, including chairmen, to be independent. The rule was thrown out by a federal court this year.
· Online proxy statements: Companies would be allowed to give investors the option of receiving proxy materials online.
