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.

July 1, 2025 SEC Shifts Cyber Enforcement Priorities

The SEC has recently replaced its Crypto Assets and Cyber Unit with the newly formed Cyber and Emerging Technologies Unit (CETU). This reorganization is in alignment with the SEC’s shift towards prioritizing enforcement actions involving fraud and misconduct relating to emerging technologies, particularly to the extent that they impact retail investors.

June 30, 2025 MFDF President Discusses ETF Trends in ETF Store Podcast

In the podcast, Carolyn McPhillips the President of MFDF, highlights the responsibilities of fund directors and outlines their duties with respect to the fund and the advisor, including fees, performance, and conflicts of interest, among others. Carolyn further highlights the rise of alternative assets in retail products and how fund directors may become more crucial as products become more complicated.

June 26, 2025 SEC Expands Retail Access to Private Funds

The SEC has recently eliminated its long-standing limit on investments in private funds by retail closed-end funds and business development companies. This shift is in alignment with the SEC’s stated goals of promoting financial innovation and expanding retail access to private markets.

June 25, 2025 Event of Interest: Morgan Lewis to Host Webinar on Registered Funds Trends

The program will include conversations on ETF share class applications, closed-end funds, retailization of alternative strategies, and a litigation update.

June 24, 2025 SEC Withdraws 14 Gensler-Era Rule Proposals

The SEC formally withdrew 14 rule proposals issued under former SEC Chair Gary Gensler, spanning the areas of cybersecurity/technology, digital assets, market fairness and ESG. Most directly applicable to fund boards are the proposed rules on Cybersecurity Risk Management for Advisers and Funds and Enhanced ESG Disclosures for Investment Advisers and Funds.

Upcoming Events

Full calendar

Chicago July 9, 2025
Director Discussion Series - Open Forum (Chicago)
MFDF will host an in-person Director Discussion Series lunch in Chicago to facilitate discussions for independent directors and CCOs to discuss timely issues brought up by participants. The event will be in-person from 12 pm - 2 pm at the offices of Ropes & Gray LLP in Chicago.
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July 10, 2025
Mid-Year Tax Update for Registered Investment Companies
EY's Amy Snyder and Lisa Wolski, will provide mid-year tax updates for boards of RICs to consider. The webinar will broadcast live from 2 pm - 3 pm (ET).
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Philadelphia July 15, 2025
Director Discussion Series - Open Forum (Philadelphia)
MFDF will host an in-person Director Discussion Series lunch in Philadelphia to facilitate discussions for independent directors and CCOs to discuss timely issues brought up by participants. The event will be in-person from 12 pm - 2 pm at the offices of Stradley Ronon in Philadelphia.
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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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