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CHAMBER OF COMMERCE OF U.S. v. S.E.C.

No. 05-1240.

443 F.3d 890 (2006)

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 April 7, 2006.

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, Robin S. Conrad, and Amar D. Sarwal.

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

Mercer Bullard was on the brief for amici curiae Fund Democracy, Inc. and Consumer Federal of America in support of respondent.

Before: HENDERSON, ROGERS and BROWN, Circuit Judges.

Opinion for the Court filed by Circuit Judge ROGERS.

ROGERS, Circuit Judge.

This appeal concerns the continuing challenge by the Chamber of Commerce of the United States to the rule promulgated on July 27, 2004 ("the Rule") by the Securities and Exchange Commission amending the Exemptive Rules under the Investment Company Act of 1940 ("ICA"), 15 U.S.C. § 80a-1 et seq. (2000). The Rule requires that mutual funds relying on the Exemptive Rules adopt...

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