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January 8, 2026

The Executive Order directs each agency to review and, if deemed appropriate, rescind or revise all rules and regulations relating to proxy advisory firms and shareholder proposals that implicate “diversity, equity, and inclusion” (DEI) and “environmental, social, and governance” (ESG) priorities that are inconsistent with the purpose of the executive order.

January 7, 2026

The report notes “[w]hile passive ETFs still account for the majority of inflows, active ETFs are playing a more prominent role. Their share of total ETF net inflows in the United States rose—from just 1% in 2014 to 26% in 2024—highlighting a growing preference for investment vehicles that combine professional active management with the structural benefits of ETFs.” The report also highlights that 2026 will bring increased access to alternative investments, which likely includes options for 401(k) plan participants.

January 6, 2026

The bill, a package of various House Financial Services Committee (HFSC) bills, would address issues related to capital formation, investor access to certain investments, streamline certain disclosure requirements, and increase protections for senior investors, among other areas. In a press release, Committee Chairman French Hill stated, “I applaud the House’s passage of the INVEST Act, which will keep our economy the envy of the world and secure a brighter future for generations to come.”

January 5, 2026

The report found that the number of boards reaching gender parity in the boardroom increased modestly from 171 to 175 over the last quarter, still below the 192 boards that achieved parity in Q3 2024. The report discussed several possible reasons for the slowdown, including limited board turnover and boards prioritizing candidates with previous board experience.

December 23, 2025

To create a uniquely MFDF end-of-year booklist, we asked staff members to each pick a book they read in 2025 that they’d recommend to the fund director community. Some of these have direct applications to the role of the independent director, while others are reads that may offer a little bit of something else. We are very much looking forward to discussing them with you in the New Year! Wishing you and your loved ones a cozy and joyful holiday season, happy reading!

December 22, 2025

MFDF announced Andrew J. "Buddy" Donohue would be retiring as Chair of MFDF's Board. In a press release, MFDF President Carolyn McPhillips stated, "I thank him for all he has done on behalf of MFDF and the broader shareholder community, both over the course of the last two years as our chair and over the entirety of his 40-year career.”

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 10, 2025

December 10th, 2025 marks the end of Buddy Donohue's tenure as Chair of MFDF's Board

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.