Forum News Feed

November 16, 2023

The U.S. Court of Appeals for the Fifth Circuit denied petitions to review the Securities and Exchange Commission’s (SEC) approval of the Nasdaq diversity disclosure rule. A Simpson Thacher Memorandum notes that the Appeals Court “rejected petitioners’ constitutional and statutory claims, framing Nasdaq’s diversity rule as consistent with the Securities Exchange Act’s ‘fundamental purpose’ of enforcing ‘a philosophy of full disclosure… in the securities industry.’”

November 15, 2023

The Mutual Fund Directors Forum and Management Practice (MPI) plan to host a webinar titled, “Mutual Fund CCO Compensation: The MPI Annual Survey Update.” For the last 18 years, MPI has released its annual CCO Compensation survey highlighting compensation data received through confidential questionnaires from fund CCOs and other industry executives.

November 14, 2023

The Financial Stability Oversight Council (FSOC) voted to overhaul the process to designate nonbank financial companies as systemically important financial institutions (SIFI) which would subject them to supervision by the Federal Reserve and additional regulations. The new process reverses a Trump administration policy stating that regulators should use an “activities-based approach” rather than singling out individual firms.

November 13, 2023

The Mutual Fund Directors Forum and Stradley Ronon will co-host a webinar titled “Looking Back and Forward at the SEC’s Rule for Fair Value.” The webinar examines the valuation of a fund's portfolio securities, requirements surrounding fund valuation procedures, the board's responsibility in overseeing valuation, responsibilities of the valuation designee under Rule 2a-5, and an overview of the legal responsibilities of directors in carrying out these important duties.

November 9, 2023

Authors Alyssa Stankiewicz and Lindsey Stewart examine how two active asset managers on opposite ends of the environmental, social, and governance spectrum, Strive Asset Management and Engine No. 1, voted in the 2023 proxy year.

November 8, 2023

Neesa Patel Sood and Jay Spinola, partners at Willkie Farr & Gallagher LLP, will provide an overview of the amended names rules recently adopted by the SEC and its implications for registered funds and BDCs.

November 7, 2023

A recent podcast from Ropes & Gray interviews business professor Daniel Beunza, author of the book “Taking the Floor: Models, Morals, and Management in a Wall Street Trading Room.” In the podcast, Daniel discusses his findings about ethics, morality, and leadership in these highly intense and competitive settings.

November 6, 2023

President Joseph Biden signed the “Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence.” As part of the Order, companies will be required to notify and share the results of certain safety tests for technology that poses a serious risk to national security, national economic security, or national public health and safety.

November 2, 2023

Gary Gensler delivered remarks on the importance of attorneys, accountants, and compliance professionals serving as “good stewards” of the securities laws. Chair Gensler stated, “to effectuate Congress’s purpose, we don’t enforce the securities laws based on a product’s label. Rather, we look to the underlying economic realities.”

November 1, 2023

Gurbir Grewal the Director of the Division of Enforcement at the Securities and Exchange Commission (SEC) delivered remarks at a New York Bar Association Compliance event on the important role of compliance professionals as “the first lines of defense against misconduct.” Director Grewal stated actions against compliance professionals are rare because “we do not second-guess good faith judgments of compliance personnel made after reasonable inquiry and analysis.”

October 31, 2023

The Securities and Exchange Commission (SEC) adopted new Rule 10c-1a which will require covered persons to report information about securities loans to a registered national securities association (RNSA) and require RNSAs to make certain information that they receive regarding those lending transactions publicly available.

October 30, 2023

The EY Center for Board Matters will host a webinar entitled, “How Boards Can Support a More Agile Response to Crises.” This event is part of a wider EY series “Better Questions for Boards.”

October 26, 2023

Davis Polk notes the OIG report “was a more independent review” and spent more time examining the evidence and reflecting on the root causes of risk management and supervision deficiencies. The OIG Report and the Barr Report both found that “the primary cause of SVB’s failure was rooted in basic risk management mistakes by its senior leadership and deficient oversight by its board of directors.”

October 25, 2023

The priorities inform investors and registrants of the key risks, examination topics, and priorities that the Division plans to focus on in the upcoming year. Overall, the Division of Examinations plans to focus on the investment advisers’ duty of care and loyalty, the processes for determining the best interest of the client is followed, disclosures made to investors, trading practices at broker-dealers, risks and controls at clearing agencies, and record-keeping responsibilities.

October 24, 2023

The Mutual Fund Directors Forum and Barrington Partners will host a webinar entitled, “Barrington’s 2023 Audit Survey Summary of Findings.” In part, the survey shows that after a 14-year hiatus inflation has become a factor again, and this development intersects with structural changes: as auditors offshore work and audit staff moved off-site.

October 23, 2023

Kirkland & Ellis plans to host a series of webinars entitled, “Unlocking the Retail Market.” The seven-part webinar series will explore retail access funds, one of the fastest-growing product areas.

October 19, 2023

Panelists will discuss how AI impacts data privacy, risk and governance today and actions organizations can take to prepare for responsible AI implementation.

October 18, 2023

The Securities and Exchange Commission (SEC) announced settlements with 10 broker-dealers and affiliated investment advisers in connection with their failures to maintain and preserve electronic “off-channel” communications. These settlements follow a series of enforcement actions by the SEC and the Commodity Futures Trading Commission (CFTC), dating back to September 2022.

October 17, 2023

The “Climate Corporate Data Accountability Act,” requires disclosure of Scope 1, Scope 2, and Scope 3 greenhouse gas emissions by entities with revenue of at least $1 billion dollars. The second, the “Climate-Related Financial Risk Act” requires disclosure of an entity’s climate-related financial risk and the measures adopted to reduce and adapt to the risk so disclosed by entities with revenue of at least $500 million dollars.

October 16, 2023

The Mutual Fund Directors Forum and ACA Global will host a webinar entitled, “ESG Data: Updates on an Evolving Regulatory and Product Landscape.” Luke Wilcox, head of ESG Data at ACA Global, will walk through what directors need to know to fulfill their oversight responsibilities.