MFDF Enhances the Governance of Mutual Funds

The Mutual Fund Directors Forum is an independent, non-profit organization that serves independent directors of mutual funds and other U.S. registered investment companies. The Forum seeks to enhance fund governance by building a strong community among independent directors through educational and networking opportunities and by providing directors with a strong voice in the key policy debates impacting directors’ effectiveness and the future of the fund industry.

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MFDF Enhances the Governance of Mutual Funds | MFDF

March 23, 2023 Article Details New Method to Analyzing Mutual Fund Performance

The paper describes an improved way to measure fund manager skill by proposing company size should be broken into two sub-groups: big vs. mid-cap and mid-cap vs. small, rather than using only one size comparison. Dr. Stewart stated the technique he and his co-authors put forth impacts fund managers because it may “move you from being below average to above average, or vice versa.”

March 22, 2023 Biden Administration Announces National Cybersecurity Strategy

Biden's strategy calls for modernizing federal systems' cybersecurity defenses while also increasing offensive hacking capabilities in the intelligence community. The strategy builds off existing executive orders (National Security Strategy, Executive Order 14028, National Security Memorandum 5, and others) as well as legislative efforts on Capitol Hill.

March 21, 2023 House Capital Markets Subcommittee Leaders Send Letter to Gensler on Swing Pricing

House Financial Services Subcommittee on Capital Markets Chair Ann Wagner (R-MO) and Ranking Member Brad Sherman (D-CA) sent a letter to SEC Chair Gary Gensler noting issues they believe create an untenable path forward for the Commission’s swing pricing rule proposal. The letter highlights more technical points raised by industry comment letters including implementation issues, system reconfiguration, and investor confusion.

March 20, 2023 EY to Host Webinar on Tokenization and the Transformation of Financial Services

Ernst & Young plans to hold a webinar on Wednesday titled, “How Tokenization will Transform Financial Services.” Panelists will discuss market trends around tokenization in financial services and the impact those trends will have on market infrastructure.

March 16, 2023 Deloitte, CAQ Release Audit Committee Practices Report

The report found many audit committees are not only concerned with financial reporting and internal controls, but now also include, “overseeing additional areas of emerging and intensifying risk, such as cybersecurity; enterprise risk management (ERM); and environmental, social, and governance (ESG) reporting.”

Upcoming Events

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March 29, 2023
Director Discussion Series - Open Forum via Zoom
DDS meetings provide a opportunity for independent directors and CCOs to discuss timely issues with peers and experts. This Zoom meeting will be held from 11:30 am to 12:30 pm (ET).
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April 5, 2023
Impact of Market Performance on 2022 Annual Investment Firm Profitability and Economies of Scale
Join Sara Yerkey, with Management Practice Inc, and Kelley Howes, Vice Chair of Investment Management at Morrison and Foerster LLP as they provide highlights from the latest MPI Annual Investment Firm Profitability and Economies of Scale survey. The webinar will broadcast live from 2 pm - 3 pm (ET).
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Washington April 12, 2023
ESG Oversight: The Fundamentals in an Evolving Space for Fund Boards
During this hybrid, one-day program, academics and industry practitioners will tackle the major questions and issues related to ESG issues that affect fund boards. The program is scheduled for 9:15 am to 4:45 pm on April 12, 2023 in Washington, DC. This program will be followed by a networking cocktail event from 5 pm - 7 pm.
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Newest Resources

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Board Doc: What is an appropriate timeline for recruiting a new director?

The MFDF’s Board Doc is an occasional feature of the Daily News Feed that features questions from our readers. The answers and commentary provided in our responses do not constitute legal advice and should not be treated as such. Please consult with your independent counsel on questions of compliance with the securities laws and director fiduciary duties. If you would like the Board Doc to consider your questions, please e-mail BoardDoc@mfdf.org

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MFDF Webinar Archive: Observations from SEC Examinations of RICs

On March 1, the panel reviewed the recent risk alert issued by the SEC on October 26, 2021 entitled “Observations from Examinations in the Registered Investment Company Initiatives” identifying topics of interest and concern for boards of directors, outside counsel, internal legal staff, and compliance officers. Forum members can view the replay of the webinar archives by logging in to MFDF's website and clicking on the link below.

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