MFDF Webinar: After FS Credit: What Fund Boards Need to Know About the Supreme Court's Section 47(b) Ruling
On Monday, July 20 at 2:00pm ET, MFDF and Skadden, Arps, Slate, Meagher & Flom LLP for a webinar titled “After FS Credit: What Fund Boards Need to Know About the Supreme Court's Section 47(b) Ruling.”
The Supreme Court's decision in FS Credit Opportunities Corp. v. Saba Capital Master Fund Ltd. marks a significant moment for the fund industry. In a 6-3 opinion authored by Justice Barrett, the Court declined to recognize an implied private right of action under Section 47(b) of the Investment Company Act of 1940 — resolving a longstanding circuit split and reinforcing the SEC's primary role in enforcing the Act.
Join us for a timely discussion on what this ruling means for fund governance, including:
- What Section 47(b) says and why this case mattered
- How the decision preserves the role of independent directors in overseeing funds on behalf of all shareholders
- What the ruling signals about the limits of private litigation under the Investment Company Act
- Practical implications for fund boards going forward
Click here to register for the MFDF program.