Investment Company Institute Files a Brief in Appeal of Court Decision on Rule 4.5 Challenge
On December 12, 2012, the U.S. District Court for the District of Columbia dismissed a lawsuit brought by the Investment Company Institute (ICI) and the U.S. Chamber of Commerce, which challenged recent amendments to Rule 4.5 promulgated by the CFTC under the Commodity Exchange Act. For additional discussion of the lawsuit filed by the ICI, see "ICI and U.S. Chamber of Commerce File Lawsuit Regarding CFTC Rule Amendments" in our July 2012 update. For a discussion of the amendments to Rule 4.5, see "CFTC Rescinds and Narrows Regulatory Exemptions for Funds" in our April 2012 update.
The ICI and U.S. Chamber of Commerce appealed the decision to the U.S. Court of Appeals for the District of Columbia Circuit and filed a motion for expedited consideration of their appeal, which the court granted. Oral argument is scheduled for May 6, 2013.
Sources: Beagan Wilcox Volz, ICI, Chamber to Appeal Ruling on CFTC Rule, Ignites, December 12, 2012; Order of the United States Court of Appeals for the District of Columbia Circuit, Case No. 12-5413, January 15, 2013; Oral Argument for Appeal of CFTC Rule Decision Scheduled, Mutual Fund Directors Forum, March 4, 2013.