The mutual fund industry's most powerful lobbying group is urging securities regulators to re-open the comment period and collect additional data on the controversial governance rule requiring funds to have an independent chairman, just ahead of a scheduled vote on the matter.

In a letter to the Securities and Exchange Commission, Investment Company Institute General Counsel Elizabeth Krentzman said the Commission "has a statutory obligation to consider whether a proposed regulation will promote efficiency, competition and capital formation. The court's decision makes clear that the Commission must not only identify potential costs, but also quantify them as part of its analysis under this standard."

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