Mutual fund companies are waiting in rapt anticipation of finding out how long they will have respite from the independent chairman rule, which a Federal appeals court has sent back to the Securities and Exchange Commission for a 90-day review, The Wall Street Journal reports.

"I don't think it is creating any confusion," said Allan Mostoff, president of Mutual Fund Directors Forum, which represents independent directors. Funds that have switched to independent chairman "appear to be pleased with the way that it is working."

Many funds, such as American Century, OppenheimerFunds, MFS Investments and Janus Capital Group have switched to an independent chair.

However fund giants Fidelity, Vanguard and T. Rowe Price have opted not to appoint an independent chairman.

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