The wait for details on the SEC's new fund independence rules is over, for last Tuesday, the Commission released its final regulations.

The new rules will require that all fund board chairmen, as well as 75% of the board's members, be independent of management. It will also mandate that at least once a year, the board analyze the effectiveness of its committee structure and number of funds it oversees, that independent board members meet at least once each quarter without management to privately discuss any issues they have, and that independent directors be given full authority to hire "employees, advisers and experts" to fulfill their watchdog duties.

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