Forum News Feed

The Forum 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 Forum News Feed and have it delivered electronically to your e-mail inbox. 

 

  • December 20, 2022

    Senate Republicans Submit Comments on Pace of Rulemaking, IG Report Concerns

    In a letter to SEC Chair Gary Gensler, Senator Thom Tillis (R-NC) noted that a recent SEC Inspector General report stated there are “grave deficiencies within the SEC, especially pertaining to its workforce, level of rulemaking experience, and the length of public comment periods.” The letter posed several questions about the pace of rulemakings, responding to concerns in the IG report about staff-related issues, and resource management.

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  • December 19, 2022

    ICYMI: Dechert Publishes “Cyber Bits” Updates Covering Cybersecurity Policy

    Dechert LLP offers a series called “Cyber Bits” a publication that highlights key developments in privacy & cybersecurity policy. The November edition highlights an update from the Cybersecurity & Infrastructure Security Agency (“CISA”), a government agency focused on efforts to enhance the security, resiliency, and reliability of the Nation's cybersecurity and communications infrastructure.

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  • December 15, 2022

    Department of Labor Releases Final Rule on ESG Considerations by ERISA Fiduciaries

    The US Department of Labor (DOL) released a final rule, titled “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights,” outlining how fiduciaries regulated under ERISA may incorporate ESG factors in fiduciary investment decision-making for retirement plans. The rule clarifies that ERISA-regulated fiduciaries may take into account ESG factors that are relevant to an investment’s expected risk return and other financial factors, but does not require that they do so.

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  • December 14, 2022

    SEC Releases FY22-26 Strategic Plan

    the SEC released its Strategic Plan for fiscal years 2022 to 2026 which outlines the agency’s objectives to “fight against fraud, maintain a robust and relevant regulatory framework, and sustain a skilled and diverse workforce to serve America’s investors and capital-raising entrepreneurs alike.”

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  • December 13, 2022

    Stradley Ronon Publishes Digital Asset Tool

    Stradley Ronon now offers a “Digital Assets Regulatory Tracker” which includes links to digital asset-related materials issued by the SEC, CFTC and Department of Labor.

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  • December 12, 2022

    Birdthistle Speech Highlights Recently Proposed Open-End Fund Rules

    Investment Management Division Director William Birdthistle delivered remarks on international regulatory cooperation and developments in the Division of Investment Management. In reference to the recent SEC rule proposal on swing pricing, Birdthistle stated, “comparing the March 2020 experience here in the United States to the experience of some funds in Europe, we are able to glean potential lessons for our own regulatory regime.”

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  • December 8, 2022

    Gensler Delivers Remarks on Compliance

    SEC Chair Gary Gensler delivered a speech to attendees at the Compliance Outreach Program of the Commission’s Investment Adviser/Investment Company National Seminar that touched on the role Chief Compliance Officers (CCOs) play in safeguarding shareholder interests. Gensler’s speech touched briefly on the recent implementation of the derivatives and valuation final rules, when he emphasized “how important segregation of duties are, particularly as relates to derivatives and valuations.”

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  • December 7, 2022

    MFDF Upcoming Webinar: Deloitte's 20th Annual Fair Valuation Pricing Survey

    Join the Mutual Fund Directors Forum and Deloitte on Thursday, December 8 at 2pm ET for a webinar entitled, “Investment Valuation and Governance: Deloitte's 20th Annual Fair Valuation Pricing Survey.”

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  • December 6, 2022

    SEC Releases Report on Enforcement Statistics for 2022

    According to the release, these included 462 "stand alone" enforcement actions; 129 actions against issuers who were allegedly delinquent in making required filings; and 169 "follow-on" administrative proceedings seeking to suspend individuals from certain functions in the securities markets. Actions focused on issuer disclosures, market manipulation, investor protection, crypto assets, ESG, and cybersecurity.

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  • December 5, 2022

    Senate Banking Committee Hears Testimony from Financial Regulators

    The Senate Banking Committee heard testimony from heads of financial regulatory agencies including the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, as well as the Vice Chair for Supervision at the Federal Reserve, Michael Barr. The hearing covered a variety of issues mostly related to the banking sector including fees and challenges experienced by certain groups trying to gain access to the banking system. Additionally, the hearing touched on risk in the financial system, digital assets, and cybersecurity.

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  • December 1, 2022

    Nasdaq Article Discusses How to Emphasize the ‘G’ in ESG as a Board Member

    An article published by Nasdaq titled, “Crafting the ‘G’ in ESG: Accountability in the Boardroom” considers the dynamic topic of ESG and strategies for boards to meet the ESG expectations of their stakeholders. The article emphasizes “[o]ver time, diverse boards will have more robust debates, make sounder decisions, understand customers better and attract higher performing employees.”

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  • November 30, 2022

    ACA Releases November Regulatory Update

    The report covers the SEC’s crackdown on use of unmonitored messaging apps, the approaching annual renewal cycle for registered investment advisers, and the SEC’s latest rule proposal addressing due diligence on service providers, among other topics. It also contains references to additional programs and reports, as well as a checklist of upcoming regulatory deadlines.

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  • November 29, 2022

    Report Highlights How Boards Can Enhance Culture and Effectiveness

    A Sidley Austin attorney shares ways for directors to increase their effectiveness by establishing norms around director behavior. The article sets forth certain behaviors that individual directors can practice in order to improve trust and respect.

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  • November 28, 2022

    K&L Gates to Host Webinar on Disclosure Modernization

    K&L Gates plans to host a webinar covering the SEC’s final rule on tailored shareholder reports. The adopted final rule changes (1) shareholder report content and delivery requirements for mutual funds and exchange-traded funds registered on Form N-1A; and (2) advertising rules for all registered investment companies, including closed-end funds and business development companies.

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  • November 23, 2022

    SEC Issues FAQ Regarding Adviser Consideration of DEI Factors

    SEC staff published guidance as an FAQ confirming that, consistent with its fiduciary duty and subject to certain conditions, an investment adviser can incorporate DEI factors when recommending or selecting an investment adviser for its clients. While the guidance does not expressly reference registered funds, according to a Ropes & Gray alert the guidance appears to apply to recommendations involving sub-adviser selection for registered funds that operate in a manager-of-managers structure.

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  • November 22, 2022

    McKinsey Study Looks at Diversity in Private Markets

    This report provides insights into three main areas: how institutional investors evaluate diversity on investing teams; a preference toward more diverse teams when allocating capital; and an analysis on diversity for PE investing teams in terms of gender. The study found institutional investors are increasingly asking for and receiving diversity data from PE firms seeking to raise funds.

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  • November 21, 2022

    SEC Adopts Final Rule on Enhanced Proxy Voting Disclosure

    The SEC announced a final rule requiring amendments to Form N-PX that will “enhance the information mutual funds, exchange-traded funds, and certain other registered funds report about their proxy votes.” The final rule is meant to address fund securities lending activity and the impact of lending shares (and whether or not to recall them) on proxy voting.

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  • November 17, 2022

    Ropes & Gray Releases Quarterly Crypto Update

    Ropes & Gray published a report covering recent litigation, regulatory, and legislative updates in the crypto space including sections dedicated to SEC enforcement actions and bankruptcy proceedings.

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  • November 16, 2022

    SEC Releases Rule Proposal on Third-Party Service Provider Oversight

    The SEC released a rule proposal that would require advisers to satisfy specific due diligence elements before retaining a service provider that will perform certain advisory services or functions, and to subsequently carry out periodic monitoring of the service provider’s performance.

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  • November 15, 2022

    MFDF Webinar: Mutual Fund CCO Compensation

    The Forum will host a webinar entitled, “Mutual Fund CCO Compensation: The MPI Annual Survey Update" which details aggregate compensation data received through confidential questionnaires from fund CCOs and other industry executives.

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