MFDF Files SCOTUS Amicus Brief

On September 3, 2025, MFDF filed an amicus brief with the Supreme Court, urging it not to recognize an implied private right of action under the Investment Company Act.

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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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.

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September 11, 2025 Highlights of Proxy Season Show Continuing Shift Away from ESG

Debevoise & Plimpton recently released a memo summarizing the 2025 proxy season in the wake of SEC guidance affecting shareholder engagement and activism and U.S. government initiatives. Debevoise noted that “revised proxy advisor and institutional shareholder guidelines were cause for many companies to review their DEI initiatives and related disclosures.”

September 10, 2025 SEC Announces Release of Spring 2025 Regulatory Agenda

The spring agenda reflects the Commission’s focus on cryptocurrencies, digital asset market structure, implementation of the Consolidated Audit Trail, customer identification programs, amendments to the custody rules, and a focus on transfer agents, among other projects.

September 9, 2025 MFDF Webinar: 15(c) White Paper Webinar Series Part 4- Enforcement Action Takeaways

The program will feature Ali Rivett, Sean Graber and David Freese, partners at Morgan Lewis, and will highlight practical takeaways for registered fund directors from selected SEC enforcement actions relating to the 15(c) process.

September 9, 2025 MFDF Files Amicus Brief in Closed-End Fund Supreme Court Case

MFDF believes that recognition of such an implied private right of action would undermine the role of fund independent directors, is contrary to Congress’ intention in the 1940 Act, and would potentially open funds to excessive litigation. The brief emphasizes the role of fund independent directors in representing the interests of shareholders and underscores that the 1940 Act protects shareholder interests through director oversight rather than through private right of action.

September 4, 2025 MFDF Board Bookshelf: Inside Job by Daniel Silva. Harper. July 15, 2025.

The narrative takes the reader through the inner workings of the Vatican with fast-paced action, generous doses of art education, and the next best experience to actually visiting Venice and other European locales.

Upcoming Events

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September 16, 2025
MFDF 15(c) White Paper Webinar Series: Part 4 – Enforcement Action Takeaways
Join Morgan Lewis partners as they discuss MFDF's 15(c) White Paper: Part 4 – Enforcement Action Takeaways. This webinar will broadcast live from 2 pm - 3 pm (ET).
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September 29, 2025
Risk Management Essentials for RICs and Boards
As part of MFDF and Deloitte's Oversight of Risk Management webinar series, this webinar will focus on the elements of a risk management program in the investment management industry. The webinar will broadcast live from 2 pm - 3 pm (ET).
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October 14, 2025
Essential Strategies in Board Oversight of Operational Risk Management
As part of MFDF and Deloitte's Oversight of Risk Management webinar series, this webinar will focus on board oversight of operational risk management. The webinar will broadcast live from 2 pm - 3 pm (ET).
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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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