News & Analysis as of

New Valuation Guidance: A Reminder of Directors’ Responsibilities

In the December 2014 issue of Fund Directions, Investment Management partner Jay Baris discusses in the “Learning Curve” column challenges faced by mutual fund directors as they struggle to comply with new valuation guidance...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - Cost of Proposed User Fees by Registered Investment Advisers Further Discussed - SEC Valuation Guidance for All Funds - Update on Insider Trading in Mutual Fund...more

Fair Valuation and Mutual Fund Directors: New Guidance from the SEC

1. Previous Guidance Codified by the Release - Much of the guidance included in the Release is already in section 404 of the CFRP. In fact, the amount of repetition in the revised section may confuse a first-time...more

Fair Valuation and Mutual Fund Directors: The Great Valuation Divide and Its Implications

The 1940 Act’s requirements for valuing portfolio securities may be summarized as follows: the board of directors must determine, in good faith, the fair value of every portfolio security for which a market quotation is not...more

Fair Valuation and Mutual Fund Directors: Alternative Approaches to Valuation

Directors’ legal responsibilities for valuing portfolio securities is a logical place to start an examination of why misvalued securities pose a risk to independent directors. This Client Alert therefore considers the...more

SEC Slaps Fund Directors for Violating Fair Value Responsibilities

On June 13, 2013, without admitting or denying the allegations, eight former directors of five mutual funds agreed to settle SEC charges that they failed to satisfy their fair valuation responsibilities under federal...more

The SEC Is Scrutinizing Asset Valuations—Are You Ready?

The Securities and Exchange Commission (SEC) recently has set its sights on registered entities and their officers and directors for overvaluing the entities’ assets....more

SEC Charges Eight Mutual Fund Directors for Failure on Valuations

On December 10, the Securities and Exchange Commission announced charges against eight former member of the boards of directors overseeing five mutual funds for violating their asset pricing responsibilities under the federal...more

SEC Brings Enforcement Action Against Mutual Fund Directors For Alleged Failures in Oversight of Valuation Committee

On December 10, 2012, the SEC filed an order instituting enforcement proceedings (the “OIP”) against both the interested and the independent directors of five registered investment companies advised by Morgan Asset...more

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