Corporations and securities brief ~ SEC to vote on mutual funds rule

Corporations and securities brief ~ SEC to vote on mutual funds rule

[JURIST] Leading Wednesday's corporations and securities law news, the SEC [official website] has announced that its five-member panel will vote again on a controversial rule requiring mutual funds to be overseen by independent chairmen. The announcement comes after a federal appeals court ruled that the SEC had not adequately investigated the cost [JURIST report] of implementing the plan. The panel will vote June 29th, the day before current SEC chairman William Donaldson [Wikipedia profile] is to step down from his post. Reuters has more.

In other corporations and securities law news…

  • Wall Street firm Bear Stearns [corporate website] is under investigation for its mutual fund trading activities. In a filing Wednesday with the SEC, Bear Stearns acknowledged that it is under investigation and said it has strong defenses against the claims. AP has more.
  • French insurer AXA SA [corporate website] is being investigated by the US Department of Justice, the SEC, and others. In a filing with the SEC, the insurance firm said that a particular 1998 transaction with MBIA [corporate website] is being investigated, as are the firm's reinsurance practices. MarketWatch has more.
  • The EU [official website] and Coca-Cola [corporate website] have reached an agreement to improve soft-drink competition in Europe. In return for avoiding a hefty fine, Coca-Cola agreed to give up exclusive agreements with restaraunts and cafes. In a press release, Coca-Cola's CEO said the agreement brought clarity to Coca-Cola's business operations in Europe. The EU's press release contains the specifics of the deal. AP has more.