Trusted Insight for Independent Oversight

MFDF is an independent association for independent directors of mutual funds, ETFs, closed-end funds, and other registered investment companies.

MFDF helps independent directors navigate an evolving regulatory environment and steward shareholders’ investments. MFDF provides tailored educational resources and facilitates peer-to-peer networking, with offerings that include webinars, white papers, and interactive conferences. As an independent association, MFDF’s membership includes a wide range of fund boards and represents a diverse community of directors.

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Educational Offerings

MFDF provides comprehensive and high-quality educational resources tailored to independent directors. Explore upcoming programs, including webinars, single-day in-person seminars, multi-day conferences, and informal networking discussions.

Insights for the Field

The nature of the work of independent directors is ever-evolving. Read the latest news, practical guidance, comment letters to regulators, and other viewpoints.

Become a Member

Your goal is to steward your investors’ resources. We promise to steward yours. We take our role as your trusted partner seriously. And we pride ourselves on accessible membership dues and meaningful opportunities to learn and connect.

June 25, 2026 SEC Rescinds Policy Regarding Denials of Settlements in Enforcement Actions

The SEC’s press release indicated that the change is intended to provide the SEC with additional flexibility in resolving enforcement matters while continuing to protect investors and maintain market integrity. The prior policy prohibited settling parties from making public statements denying allegations in SEC complaints or orders, even if settlements were reached based on a neither-admit-nor-deny basis.
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June 24, 2026 XA Investments Updates ‘Interval Fund Observations’ Blog

According to the blog there were eight new interval and tender offer fund launches during the Q1 period. XAI noted, that “[w]hile 3 funds closed or converted in Q1 2026, net growth remains positive, underscoring sustained sponsor and investor demand for evergreen structures.”
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June 23, 2026 Commissioner Peirce Offers Commentary on Prediction Markets

In particular, Commissioner Peirce noted that prediction markets, in which participants buy and sell contracts related to the outcome of future events, have rapidly transitioned from a niche area to one that is receiving major market attention among economists, regulators and market participants.
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June 22, 2026 Morningstar Report Sees Problems in Incentive Fee Structures in Some BDCs

The report points out, among other things, that inconsistent disclosure practices are common with incentive fee products; incentive fee structures can incentive manager risk taking; some funds may materially understate their fees; and cost comparisons can be difficult for everyday investors given the different disclosure practices and incentive fee structures.
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June 18, 2026 SEC Chairman Paul Atkins Discusses Disclosure Reform and Modernization Efforts on “Material Matters” Podcast

Division of Corporation Finance Director Jim Moloney emphasized that many SEC rules were developed decades ago and may no longer reflect current technologies, markets, or business practices. He compared the accumulation of disclosure requirements to “30 coats of paint on a banister,” suggesting that disclosure obligations have evolved in a way that does not promote clear disclosure to investors
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Upcoming Events

Full calendar

  • July 7, 2026

    Follow the Yellow-Brick Road: Charting a Course in the Valuation of Alternative Assets

    As part of MFDF's Board Oversight of Alternative Investments Series, this webinar will outline key considerations for independent fund directors related to valuation, concentration, and diversification issues for registered funds holding alternative assets. The webinar will broadcast live from 2 pm - 3 pm (ET).

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  • July 14, 2026

    An Introduction to RIC Taxation and Mid-Year Updates

    Amy Snyder, Principal at EY, Caitlin Link, and Roger Wise, Partners at Willkie, Farr & Gallagher will focus on tax basics for RICs and provide a mid-year update. The webinar will broadcast live from 2 pm - 3 pm (ET).

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  • July 15, 2026

    In Focus - Overview: Board Oversight and Usage of AI

    MFDF is pleased to partner with Willkie to offer a 3-part In Focus series on Board Oversight and Usage of AI, a confidential virtual discussion specifically designed for current RIC independent directors and CCOs. This first discussion will focus on the two main AI oversight priority issues for independent RIC boards. This virtual session will be on Zoom from 1:30 PM to 2:30 PM (ET). Spaces are limited.

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Newest Resources

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MFDF Member Series - Leveraging MFDF Membership to Locate Future Directors

Leslie Beckbridge, MFDF's Operations and Member Services Manager, highlighted MFDF's Director Candidate Database, a service that provides curated candidate lists in response to member boards' requirements.  The webinar provided an overview of the Database, discussed how members can use it as part of succession planning efforts, and shared insights to get the best results from your inquiry.

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Board Diversity Resources

Explore news and resources relating to fund board diversity.

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