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CHAMBER OF COMMERCE v. SEC. AND EXCHANGE COM'N

No. 04-1300.

412 F.3d 133 (2005)

CHAMBER OF COMMERCE OF THE UNITED STATES OF AMERICA, Petitioner v. SECURITIES AND EXCHANGE COMMISSION, Respondent

United States Court of Appeals, District of Columbia Circuit.

Decided June 21, 2005.

Attorney(s) appearing for the Case

Eugene Scalia argued the cause for petitioner. With him on the briefs were John F. Olson, Douglas R. Cox, Cory J. Skolnick, Stephen A. Bokat, and Robin S. Conrad.

Giovanni P. Prezioso, General Counsel, Securities & Exchange Commission, argued the cause for respondent. With him on the brief were Meyer Eisenberg, Deputy General Counsel, Jacob H. Stillman, Solicitor, and John W. Avery, Special Counsel.

Before: GINSBURG, Chief Judge, and ROGERS and TATEL, Circuit Judges.

GINSBURG, Chief Judge.

The Chamber of Commerce of the United States petitions for review of a rule promulgated by the Securities and Exchange Commission under the Investment Company Act of 1940(ICA), 15 U.S.C. § 80a-1 et seq. The challenged provisions of the rule require that, in order to engage in certain transactions otherwise prohibited by the ICA, an investment company — commonly referred to as a mutual fund — must have a board (1) with...

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