The
SEC General Counsel Giovanni Prezioso issued a letter saying the SEC voted 3-2 to reject the request. Earlier, Prezioso said: "The Commission carefully complied with its legal obligations in adopting these rules, and we expect to defend them vigorously."
Nonetheless, the U.S. Chamber of Commerce still intends to seek a court order to halt the new rule. The organization brought its lawsuit at the request of a number of mutual fund companies.