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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August 28, 2025
MFDF Board Bookshelf: Supremacy. AI, ChatGPT and the Race that Will Change the World by Parmy Olson 2024 Macmillan AudioSupremacy by Parmy Olson, a technology writer for the Wall Street Journal, traces the origins of the race to dominate artificial intelligence in Silicon Valley from the pioneering early days of the key figures to the big-money battles of the present day.
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August 27, 2025
SEC Reverses Policy Limiting Retail Access to Registered Funds of FundsThe Securities and Exchange Commission (SEC) staff released an Accounting and Disclosure Information (ADI) bulletin that stated, “when reviewing CE‑FOPF registration statements, the staff will no longer provide comments requesting the registrant either (i) include accredited investor status and minimum investment requirements or (ii) limit its private fund investments to 15 percent of its assets.”
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August 26, 2025
MFDF Virtual Event: The Audit Committee Chair's Guide to Balancing Duties and Emerging IssuesAs part of MFDF's The Audit Committee Chair's Guide program series, John Braun, partner at Cohen & Co. and David Roeber, partner at Stradley Ronon, will discuss best practices in balancing duties, skillsets, and emerging issues governed by audit committees.
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August 21, 2025
House Financial Services Committee Conducts Hearing on Dodd-FrankIn her statement, Ranking Member Maxine Waters (D-CA) stated that Republican Committee member’s support of current cryptocurrency legislation promotes the “rise of complex, poorly regulated financial instruments was precisely what sparked the 2008 crisis.”
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August 20, 2025
Board Bookshelf: Implementing Enterprise Risk Management. From Methods to Application. By James Lam. Wiley. 2017James Lam, currently an independent director and Risk Committee Chair at Blackrock iShares, brings a commonsense approach to defining the elements of risk, evaluating the traditional risk management frameworks (such as COSO and ISO 31000), and offering a more adaptive and intuitive model for enterprise risk management.
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August 19, 2025
President Trump Issues Executive Order on Private Assets in 401(k) PlansSpecifically, the executive order directs the Department of Labor (DOL) to reexamine the DOL’s guidance on a fiduciary’s duties regarding alternative asset investments and clarify the DOL’s position on alternative assets while prioritizing actions to curtail ERISA litigation in offering opportunities to plan participants.
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August 14, 2025
Commissioner Crenshaw Statement on Climate-Related Disclosure LitigationCommissioner Crenshaw emphasized that the Administrative Procedure Act (APA) “remains intact” and governs the process by which agencies make and repeal rules, including a “prescriptive framework for promulgation and rescission.”
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August 13, 2025
SEC Announces Creation of AI Task ForceThe SEC’s AI Task Force will be a new centralized unit dedicated to enhancing innovation, operational efficiency and regulatory accuracy through AI-driven tools and systems. Through the establishment of the AI Task Force, the SEC seems poised to incorporate AI into its back-office processes, disclosure reviews, surveillance systems and fraud detection workflows.
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August 12, 2025
MFDF Releases Part 3 in 15(c) White Paper SeriesPart 3 of the 15(c) White Paper provides guidance to independent directors to help equip them to navigate the challenges relating to Gartenberg factors analysis during the 15(c) process, including sticky issues relating to performance, services, profitability, fees, economies of scale, fall-out benefits and independent director conscientiousness.
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August 7, 2025
Bipartisan Accredited Investor Bill Clears U.S. HouseIn part, the bill allows for an individual to qualify through an examination established by the Securities and Exchange Commission (SEC). The examination must be conducted at an appropriate level of difficulty, ensure the examinee understands the disclosure requirements of particular securities, be administered by a registered national securities association, and be offered free of charge to the public.
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August 6, 2025
President Trump Releases AI Action PlanWhile the Administration’s plan covers a variety of sectors, in the financial services space the report notes that the SEC (among other agencies) should, “Establish regulatory sandboxes or AI Centers of Excellence around the country where researchers, startups, and established enterprises can rapidly deploy and test AI tools while committing to open sharing of data and results.”
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August 5, 2025
Event of Interest: EY to Host Mid-Year Alternative and Registered Funds UpdateThe program will highlight the latest developments impacting registered and alternative funds, like accounting and financial issues, tax changes, and a regulatory update regarding the Securities and Exchange Commission.
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July 31, 2025
ACA Group Releases Joint Report on Compliance TrendsAccording to the survey, 40% of firms have formally adopted AI tools for internal use cases, and another 25% are actively exploring AI adoption; however, only 5% of firms are using AI to support client interactions. 60% of firms claimed “cybersecurity or privacy concerns around AI tools” as the reason they have not formally adopted AI technology tools.
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July 30, 2025
PCAOB Leadership Changes Highlight Regulatory ShiftIn July, Erica Williams stepped down as head of the Public Company Accounting Oversight Board (PCAOB) at the request of current Securities and Exchange Commission (SEC) Chairman Paul Atkins. It was announced on July 21 that George Botic would serve as acting Chair of the PCAOB.
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July 29, 2025
Crypto Week in House Sees Passage of Three Digital Asset BillsIn response to the passage of the GENIUS Act, SEC Chairman Paul Atkins praised the work of both the House and Senate and noted, “I look forward to continuing to work to make America—already the world’s leader in financial market innovation—the center of crypto asset innovation as well.”
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July 24, 2025
DC Circuit Court Decision Limits SEC’s Reach Over Proxy FirmsISS sued the SEC, and the DC Circuit Court found that the SEC’s definitions were inconsistent with Section 14(a) of the 1934 Act. In a client alert, Stradley Ronon noted “the court held that the SEC’s definition was inconsistent with the meaning of “solicit” as Congress would have understood it to mean when adopting the Exchange Act.”
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July 23, 2025
MFDF Event: Dechert to Discuss Use of Derivatives by RICsPhilip Hinkle and Katie Coghlan with Dechert LLP will share an update on the use of derivatives in RICs and what boards should know for their oversight responsibilities.
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July 22, 2025
SEC Dismisses Liquidity Rule Enforcement Case Against Independent Fund TrusteesAccording to a client alert from Stradley Ronon, the defendants re-filed their motion to dismiss all charges arguing, “that the plain text of the statute did not grant rulemaking authority related to fund liquidity and resubmitted its arguments challenging the SEC’s failure to state a claim for aiding and abetting liability against the independent trustees.” The SEC agreed to dismiss all charges against the independent trustees with prejudice, meaning that the SEC cannot refile the charges.
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July 21, 2025
Event of Interest: Nasdaq and Axio to Host Cybersecurity Governance ProgramThe program will offer practical insights across many fundamental cybersecurity topics as well as current events in the cybersecurity world that board members should consider.
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July 17, 2025
Morningstar Releases Report on Semiliquid FundsMorningstar highlights the landscape, flows, performance, and cost of semiliquid funds. The report details the expansion of private credit and highlights certain investors demand for greater returns, while also emphasizing the noteworthy risk associated with less liquid assets.
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