News

December 18, 2025

This guidebook has long been part of the onboarding toolkit for some fund complexes, and an update to the fifth edition is highly recommended. The fifth edition covers the last decade, a very active regulatory period and one which saw significant changes in the industry.

December 17, 2025

The PwC corporate director survey found that around 45% surveyed said expanding their expertise through additional education or training was a priority, while others emphasized building better relationships with fellow directors (33%).

December 16, 2025

In his speech, IM Division Director Brian Daly noted staff efforts are centered around four key themes: a general deregulatory effort; initiatives that modernize markets; increasing access to alternative investments; and promoting the use of artificial intelligence.

December 15, 2025

MFDF recently hosted a webinar titled: Board Oversight of ETF Share Classes. Michael Mundt and Brian Murphy, partners at Stradley Ronon and part of the team that received the first SEC Order for ETF share class relief, joined MFDF to share their expertise.

December 11, 2025

In his speech, Chair Atkins noted that “a stock is still a stock whether it is a paper certificate, an entry in a DTCC account, or represented by a token on a public blockchain.” He added that “[s]ecurities, however represented, remain securities.”

December 10, 2025

Deloitte's Paul Kraft, partner and Investment Management Marketplace Excellence Leader, and Audit & Assurance Senior Managers Michelle Coombs and Matt Morlock will dive into the results from the 23rd annual Fair Valuation Pricing Survey that confirms that valuation remains a critical focus for fund groups.

December 9, 2025

MFDF recently hosted a webinar titled: From Awareness to Assets: Why Marketing Matters for Registered Funds. Fran Cashman, Morgan Stanley Funds independent director and MFDF Board member; Elizabeth Coogan, Senior Marketing Manager at Nasdaq, U.S. Equity Derivatives and ETF Listings; and John Krieg, CFA, CAIA, experienced fund director and audit committee financial expert, joined MFDF to share their expertise.

December 8, 2025

In this program Dechert partners Julien Bourgeois and Paul Stevens will provide an overview of the co-investment relief provided by the SEC last spring, review key changes from prior orders, and examine important considerations for fund directors as the fund industry works to implement the updated relief.

December 4, 2025

In November, the Securities and Exchange Commission (SEC) issued an order granting exemptive relief to Dimensional Funds to offer ETFs as a share class within a multiple share class structure. The exemptive application was originally filed in July 2023 and led to more than 80 applications by fund sponsors to obtain the same relief.

December 3, 2025

Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw will reflect on her tenure at the SEC and discuss her views on the biggest challenges facing the agency, investors, and our markets today, as well as share some insights on the future of financial regulation.

December 2, 2025

The Securities and Exchange Commission (SEC) Division of Examinations released its 2026 Exam Priorities that explains the areas of focus for the Division. For investment companies, the Division notes exams will generally include gathering information regarding compliance programs, disclosures, filings like the summary prospectus, and governance practices.

December 1, 2025

As part of MFDF's Investment Series webinars, AJ Rivers, AB's Head of US Retail Fixed Income Business Development & Senior Investment Strategist, and Dwight Churchill, independent director on the SPDR Series Trust board, will break down the latest developments in the fixed income market.

November 26, 2025

Val Dahiya, partner and Co-Head of Securities + Derivatives Regulatory Solutions at Morrison Foerster, and Prashant Kher, Managing Director, Strategy and Execution, EY-Parthenon, offers a timely deep dive into the latest developments shaping how digital assets are governed, integrated, and trends in tokenization, cryptocurrencies, and digital assets across the fund industry.

November 25, 2025

As part of MFDF’s Audit Committee Chair’s Guide program series, David Roeber, investment management partner at Stradley Ronon and John Braun, audit partner at Cohen & Co., led an “In Focus” discussion program to answer questions that are top-of-mind for registered fund audit committee chairs.

November 24, 2025

This webinar will provide independent directors with strategies to navigate the complexities of AI governance, cybersecurity threats, and emerging tech disruptions.

November 20, 2025

Investing in start-ups is not only for wealthy Silicon Valley and Wall Street types, Dawood writes, regular investors can invest in early-stage companies they care about with amounts as small as retail fund investment minimums. She breaks down the process of investing in start-ups, describes the risks (out of ten companies, five will fail, she writes), and provides access to resources where readers can find and research companies seeking startup capital.

November 19, 2025

The report notes that in FY2025 within the investment adviser and investment company (“IA/IC”) space, the Atkins led SEC filed 35 enforcement actions compared to Gensler’s enforcement division that filed a total of 48 stand-alone IA/IC actions during the three and a half month period that he was at the Commission.

November 18, 2025

The survey found that 2025 was the year of “accelerated AI integration” with the number of firms using AI increasing by 20 percentage points from 2024, with 71% of firms now reporting formal AI use. The most common use-cases for AI among survey respondents were investment research and diligence (64%), compliance and risk management (49%), and marketing and communications (44%).

November 17, 2025

MFDF’s Directors’ Institute is a directors-only, in-person program where fund directors engage as the board of directors of a fictional fund complex, the details of which are presented in a case study format provided ahead of the meeting. In 2026, the case will include issues relating to private assets, ETFs, and fixed income products as well as common fund oversight concerns including flagging performance, sub-advisory arrangements, and questions of adequate resourcing at the adviser.

November 13, 2025

The program will highlight the evolving landscape of stablecoin regulation, shaped by the GENIUS Act and emerging global policy trends. Panelists Dante Disparte (Circle), Mark Nichols (EY), and Prashant Kher (EY) will discuss how these developments can guide a firm’s strategic approach to digital asset innovation and effective risk management.