The Securities and Exchange Commission's independent director and independent chairman rules hit another roadblock Friday, when a federal court of appeals sent them back to the commission, giving the agency 90 days either to collect more public comment, or to let the rules become invalid, according to Marketwatch.

This is the second time in less than 12 months that a federal court has told the SEC that the rules, which were adopted in 2004 in an effort to tighten fund governance in the wake of recent market-timing and late-trading scandals, lacked adequate input.  

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