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. 

 

  • January 18, 2024

    Fuse Research Releases Multi-Series Trust Board of Directors Data

    Fuse Research recently released benchmarking data highlighting various aspects of fund boards of Multi-Series Trusts (MST). The Fuse data shows that of the independent directors serving on boards maintained by MST Sponsors, 89% of independent directors serve on a single board.

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  • January 17, 2024

    Senators Introduce Legislation Targeting AI Financial Market Threats

    In December, Senator Mark Warner (D-VA) and Senator John Kennedy (R-LA) introduced the “Financial Artificial Intelligence Risk Reduction Act,” which would require the Financial Stability Oversight Council (FSOC) to coordinate financial regulators’ response to threats to the stability of the markets posed by AI.

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  • January 16, 2024

    Event of Interest: Morgan Lewis to Host ESG Regulatory Series

    Morgan Lewis plans to host a series covering the global influence of Environmental, Social, and Governance (ESG) considerations by regulators. The five-part series will focus on varying global approaches to ESG regulation including the United States, Europe, Africa & the Middle East, and Asia.

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  • January 11, 2024

    Ropes & Gray Series Highlights Updates to Glass Lewis Benchmark Policy Guidelines

    Ropes & Gray discusses ESG-related updates to the Glass Lewis 2024 U.S. Benchmark Policy Guidelines. The first part of the series discusses changes relating to board oversight of ESG matters; while the second part of the series discusses amendments relating to board diversity.

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  • January 10, 2024

    SEC Announces Settlement with Credit Suisse Securities on Prohibited Mutual Fund Services

    The Securities and Exchange Commission (SEC) announced that Credit Suisse Securities and two other affiliated entities agreed to a settlement on charges that they provided “prohibited underwriting and advising services to mutual funds.”

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  • January 9, 2024

    FSOC Releases 2023 Annual Report

    The Financial Stability Oversight Council (FSOC) released its annual report highlighting its areas of focus in 2023, financial market and regulatory developments, and potential emerging threats to U.S. financial stability. At the meeting, Securities and Exchange Commission Chair Gary Gensler noted, “[w]e continue work regarding proposals on open-end fund liquidity management, including work with bank regulators on potential similar rules for collective investment funds.”

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  • January 8, 2024

    Event of Interest: EY to Host Webinar on Alternative Credit Valuations

    EY plans to host a webinar titled “Credit Funds: Valuation," which will explore how alternative credit valuations may be impacted by higher interest rates for a longer period.

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  • January 4, 2024

    ACA Client Alert Highlights SEC Focus on AI use by Investment Advisers

    The Division of Examinations has initiated a sweep of investment advisers on how AI-based tools are being used by the firms including requests for information on “how firms are managing AI-related conflicts of interest, copies of marketing materials that mention AI, continuity plans around AI system failures, and other documents related to AI.”

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  • January 3, 2024

    Sherman & Sterling Releases Study “Evolving Notions of Board Effectiveness”

    The study notes, “achieving a high level of board effectiveness relies on the successful implementation of several key imperatives, including board leadership and composition, operational and deliberative processes, board culture and dynamics and performance evaluation and improvement.”

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  • December 21, 2023

    McKinsey Releases AI Financial Services Report

    A recent report from McKinsey & Company, highlights the benefits and risks of the banking sector integrating generative AI (gen AI) into its business model. The report noted that “two-thirds of senior digital and analytics leaders attending a recent McKinsey forum on gen AI said they believed that the technology will fundamentally change the way they do business.”

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  • December 20, 2023

    PCAOB Fines Three China-Based Accounting Firms, Four Individuals

    The Public Company Accounting Oversight Board (PCAOB) announced enforcement settlements with three mainland Chinese and Hong Kong firms in accordance with the Holding Foreign Companies Accountable Act (HFCAA) which was signed into law in December of 2020. The sanctions cover two firms headquartered in mainland China and one in Hong Kong, including two China-based affiliates of PwC and one unaffiliated China-based firm, Shandong Haoxin, along with four individual auditors at that firm.

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  • December 19, 2023

    Academic Study Discusses Continuity and Change on Corporate Boards

    The authors, Peter Cziraki and Adriana Robertson, focus their research on corporate boards, but there are interesting and practical takeaways for fund boards. The study focuses on three patterns: the increase in women with board experience, board size, and the trend toward replacing men with women directors.

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  • December 18, 2023

    Fuse Research Releases Independent Director Benchmarking Data

    The two reports include data covering independent director compensation and gender breakdown on boards. The study on gender representation on boards found that females accounted for 26% of independent directors. The study also found a correlation between the number of females on a board and AUM noting, “female directors comprise over 38% of independent directors for boards with more than $100B in AUM.

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  • December 14, 2023

    MFDF Series: Dear Board Doc - How do I keep up with rapid advancements in AI and what is my role with respect to its use in the fund industry?

    Dear Board Doc Question: AI is evolving rapidly, and it is impacting many aspects of the financial services industry. As a fund Board member, what do I need to know and what factors should I consider with respect to managers and fund service providers that utilize AI?

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  • December 13, 2023

    SEC Announces the Release of its Fall Regulatory Agenda

    The Securities and Exchange Commission (SEC) announced the release of its 2023 Fall Regulatory Agenda which includes estimated timeframes for specific rulemaking topics. SEC Chair Gary Gensler noted the Commission is “updating our rules to promote the efficiency, integrity, and resiliency of the markets… with an eye toward investors and issuers alike, to ensure the markets work for them and not the other way around.”

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  • December 12, 2023

    MFDF Webinar: “Investment Valuation and Governance: Deloitte's 21st Annual Fair Valuation Pricing Survey”

    The Mutual Fund Directors Forum and Deloitte plan to host a webinar titled, “Investment Valuation and Governance: Deloitte's 21st Annual Fair Valuation Pricing Survey.” The panel will discuss insights, emerging, maturing and industry trends and observations from the Deloitte Annual Fair Valuation Survey.

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  • December 11, 2023

    Event of Interest: “Driving Confidence in AI: FS Perspective on Responsible AI”

    The EY panel will look at key risk factors, how to enhance collaboration on generative AI governance and risk management, how to deploy generative AI, and the impact of President Biden’s Executive Order on AI.

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  • December 7, 2023

    Event of Interest: Brookings to Host “The Importance of Financial Data Collection and Standardization”

    The Brookings Institution plans to host an event titled, “The Importance of Financial Data Collection and Standardization.” The panelists will discuss industry progress, what gaps need to be filled, and how to ensure data collection practices in the United States are utilized to guard against future financial system collapse.

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  • December 6, 2023

    New York State Expands Cybersecurity Rules

    The New York State Department of Financial Services released cybersecurity regulations that amend the state’s 2017 cybersecurity regulations. The amendments require the appointment of a chief information security officer, new risk and vulnerability assessments, and new notification requirements, among other changes.

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  • December 5, 2023

    MFDF Webinar: “Unique Oversight Considerations for ETFs”

    The Mutual Fund Directors Forum and Cohen & Company plan to host a webinar titled, “Unique Oversight Considerations for ETFs.” Rich Wagner, Cohen & Company assurance partner and Jay Laurila, Cohen & Company tax partner, will discuss the unique complexities of board oversight of ETFs.

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