At its end-of-the-year meeting Wednesday, the Securities and Exchange Commission decided to reopen the controversial independent governance rule. Once the SEC issues an economics analysis paper of its own as well as a second that summarizes others opinions, the Commission will seek public comment on the rule for 60 days.

The rule would require that 75% of a fund’s board, including its chairman, are independent of a fund’s investment advisor.

The five commissioners voted unanimously to reopen the matter.

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