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Next on the SEC regulatory agenda: a chief valuation officer?

First, the Securities and Exchange Commission required funds to designate a chief compliance officer. Then, the SEC proposed that funds designate a liquidity risk manager, and after that, a derivatives risk manager. Can a...more

SEC Staff Guidance on Fund Distribution and Sub-Accounting Fees: Emphasis on Process and Fully Informed Directors

In regulatory guidance published on January 6, 2016, the SEC’s Division of Investment Management tackled the knotty issue of how mutual funds, their investment advisers and independent fund directors should evaluate...more

Derivatives Rule Proposal: More Work for Overburdened Fund Directors

The Securities and Exchange Commission’s proposals to modernize its regulation of fund use of derivatives and leverage again increase the scope and complexity of the responsibilities of investment company fund directors. If...more

ICI Survey: Mutual Fund Independent Directors Are Getting Older and Wiser

Mutual fund directors are getting older and wiser as they oversee a growing amount of assets and number of funds, according to a governance study published by the Investment Company Institute on October 27, 2015....more

Conflicts of Interest: When You're Having Too Much Fun at That Business Lunch

How should fund directors monitor gifts and entertainment received by investment adviser personnel? This question moved to the forefront in February, when the Securities and Exchange Commission’s Division of Investment...more

MFDF Updates Best Practices – Fund Directors Should Be Independent and Fully Informed

The Mutual Fund Directors Forum updated its best practices recommendations for mutual fund directors. The October 13 report, Practical Guidance for Mutual Fund Directors – Board Governance and Review of Investment Advisory...more

SEC Steps into Fund Boardroom Once Again; Charges Adviser with Misleading Board

The SEC charged a registered investment adviser and its principal with misleading a mutual fund’s board about the adviser’s portfolio management trading capabilities. The SEC said the adviser misled the board at two meetings...more

SEC Accuses Fund Directors of Breaching Their Valuation Duties

In a case involving fair valuation of structured notes, the SEC signaled that when investment company fund boards delegate the responsibility to fair value portfolio securities, they must provide “meaningful substantive...more

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