MFDF News Feed
The MFDF News Feed is an electronic journal, or "blog," of alerts, analysis, news and tools focused on the needs of independent directors. Click here to subscribe to the MFDF News Feed and have it delivered electronically to your e-mail inbox.
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June 30, 2025
MFDF President Discusses ETF Trends in ETF Store PodcastIn 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.
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June 26, 2025
SEC Expands Retail Access to Private FundsThe 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.
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June 25, 2025
Event of Interest: Morgan Lewis to Host Webinar on Registered Funds TrendsThe program will include conversations on ETF share class applications, closed-end funds, retailization of alternative strategies, and a litigation update.
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June 24, 2025
SEC Withdraws 14 Gensler-Era Rule ProposalsThe 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.
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June 23, 2025
Event of Interest: ACA Webinar Highlights AI Risks from Third Party VendorsMike Pappacena, Partner at ACA Group, and John de Freitas, Director at ACA Group, will walk through real-word scenarios and best practices in AI risk management, improve vendor due diligence, and elaborate on ways to reduce AI risk exposure.
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June 18, 2025
IM Director Natasha Greiner to Depart SEC, Brian Daly to Lead IM DivisionThe Securities and Exchange Commission (SEC) announced that Natasha Vij Greiner, Director of the Division of Investment Management, would be stepping down effective July 4. On June 13, Chairman Atkins announced Brian Daly would be leading the Division of Investment Management effective July 8.
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June 17, 2025
MFDF Event: Spotlight Program - Fund Director IndependenceTom Westle, a partner at BlankRome, will discuss fund director independence and the factors required to meet SEC's requirements for registered investment companies.
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June 16, 2025
MFDF Event: Current Landscape of Securities LendingKey concepts, terminology, mechanics of the process, roles and responsibilities of borrowers and lenders, and requirements specific to mutual funds in the security lending market will be covered in the webinar.
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June 12, 2025
Dimensional Amends ETF Share Class Application Clarifies Board RoleThe amendments from May 29, instead require the advisor to provide an assessment to the board of the breached thresholds and then provide remediation recommendations for the board to consider. Additionally, the revised application removes some of the prescriptive information that the board would have to be given in what appears to be an attempt to better equip the board to exercise its oversight rather than management.
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June 11, 2025
Donohue Pens Third Installment in Conflicts of Interest SeriesIn the third installment of MFDF Chair Buddy Donohue’s conflicts of interest series, featured in Fund Board Views, attorney conflicts of interest are addressed.
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June 10, 2025
Atkins Appears Before Senate Appropriations Subcommittee on SEC BudgetWhile Member questions were a brief portion of the total hearing, topics addressed included a move away from regulation by enforcement, the development of a cryptocurrency regulatory framework, investor protection, proxy advisory firms, SEC staff departures, PCAOB consolidation, SEC civil case dismissals, and the impact of EU sustainability regulations on U.S. companies, among other topics.
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June 9, 2025
Department of Labor Withdraws Crypto Guidance, ESG-Era Rule for ERISA PlansThe Department of Labor (DOL) under the Trump Administration announced it would end its defense of former President Biden’s ESG rule and rescind 2022 guidance that expressed the former Administration’s concerns with including cryptocurrency in retirement plan investment menus.
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June 5, 2025
Treasury Secretary Scott Bessent Testifies on Capitol HillThe hearing focused on the impact of tariffs, outbound investment, the Basel III Endgame, recent market volatility, digital assets regulatory framework, and the role of the Financial Stability Oversight Council, among other topics.
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June 4, 2025
MFDF Event: The Audit Committee Chair's Guide to Foundations for SuccessAs part of MFDF's The Audit Committee Chair's Guide series, John Braun, partner at Cohen & Co. and David Roeber, partner at Stradley Ronon, will discuss the core knowledge to foster effective leadership of the fund's audit committee including how to analyze financial statements, hold discussions with management, and the importance of auditor independence.
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June 3, 2025
MFDF Event: Board Oversight of DEI Under Second Trump AdministrationK&L Gates partners Varu Chilakamarri and Craig Leen will discuss recent developments related to diversity, equity, and inclusion (DEI) in President Trump’s second term. The program will explore what boards should be considering when overseeing DEI policies, including workforce policies, DEI and/or affirmative action program compliance, training, recruiting, compensation, and more.
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June 2, 2025
Event of Interest: SEC Hosts Conference on Emerging Trends in Asset ManagementThe conference brings together a variety of asset management industry participants, regulators, commentators, and academics to discuss emerging trends in the industry. Panels will focus on the evolution of the Investment Adviser Act and Investment Company Act, digital assets, tokenization, product innovation in registered funds, and retail access to private markets.
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May 29, 2025
KPMG Releases Global Report on Artificial IntelligenceThe study observes that the greatest barrier to widespread AI adoption may be the very legitimate concern that individuals have about the risks, safety, and potential societal impact of the uses of AI. The study results incorporate responses from 48,000 respondents across 47 countries and also includes specific findings from its U.S. respondents.
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May 28, 2025
MFDF Event: The State of Fund Board RecruitingDuring the program, MFDF's Leslie Beckbridge will review fund board recruitment activity in 2024-2025. The session will focus on highlights from MFDF’s Fund Board Recruitment Practices Report and observations from search activity in MFDF’s Director Candidate Database in 2024 and the first half of 2025.
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May 27, 2025
Atkins Testifies in Front of House Appropriations SubcommitteeSecurities and Exchange Commission (SEC) Chairman Paul Atkins testified before the members of the House Appropriations Subcommittee on Financial Services and General Government. The hearing, part of the FY2026 appropriations process, was Chair Atkins first time testifying in front of Congress as the new SEC Chair.
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May 22, 2025
Donohue Pens Article About Broker-Dealer ConflictsThe article underscores the complexity in addressing conflicts in the broker-dealer space due to the vast array of products and services available.
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