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SEC May Waiver on Relatives

BOSTON - The SEC is considering amending its proposed rules on independent directors to relieve directors' relatives from SEC scrutiny, said Paul Roye, director of the SEC's division of investment management. Roye spoke at a meeting of the American Law Institute and the American Bar Association here recently.

The mutual fund industry has sharply criticized the SEC's new rules for requiring independent directors to disclose potential conflicts of interest as they extend to family members, Roye said.