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Throughout 2025, MFDF (in collaboration with Morgan Lewis) published in four parts practical guidance for fund independent directors on board oversight of advisory agreement renewals. These four parts are now combined into a single document that is intended to serve as a reference regarding the advisory agreement renewal, or 15(c), process. The guidance addresses regulatory requirements and judicial caselaw, relevant enforcement actions, approaches to consider for 15(c) board processes, and avenues directors may consider when analyzing complex or challenging facts and circumstances in their review.

Each of the separate parts as well as the combined reference version are available for download below.