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New Rules for Independent Directors Will Give Funds More Above-Board Boards, Part 2
Continued from Part 1.
Lawyers With Only One Master
The new rules require that independent directors, before they hire a lawyer, must conclude that the lawyer's work for affiliates of the fund is "sufficiently limited that it is unlikely to adversely affect [the lawyer's] professional judgment." This rule was needed because ethical rules for lawyers permit them to advise clients even when they have conflicting interests.
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