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 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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  • December 4, 2023

    House Financial Services Subcommittee Holds Hearing on Global Governance

    The House Subcommittee on Financial Institutions and Monetary Policy held a hearing entitled, “The Tangled Web of Global Governance: How the Biden Administration is Ceding Authority Over American Financial Regulation.” Subcommittee Chairman Andy Barr (R-KY) argued that regulators are using global governance bodies to appear neutral and to push activist policies such as “greening the financial system” and changing capital buffer requirements.

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  • November 30, 2023

    IM Director Birdthistle Delivers Remarks on Private Funds, Balancing Financial Regulation

    The Securities and Exchange Commission’s Director of Investment Management, William Birdthistle, delivered remarks titled, “Private Equity: Past & Present, Charters & Code," and noted that as a regulator he is “confined by at least two critical constraints of expertise: the plumbing of our financial system and the legal authorities granted by Congress.” He also addressed the rise of assets in private funds, stating “the total universe is approaching par with the $30 trillion of assets in America’s registered investment companies: mutual funds, closed-end funds, money market funds, and exchange-traded funds.”

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  • November 29, 2023

    MFDF Webinar: Fund Compliance: CCO vs. Trustee Perspectives

    On Thursday, November 30 at 2:00pm ET, the Mutual Fund Directors Forum plans to host a webinar titled, “Fund Compliance: CCO vs. Trustee Perspectives.” The Forum will be joined by Ira Cohen, Chair of Angel Oak Funds, President & CEO of Vigilant Compliance, Salvatore Faia, and Managing Director of Vigilant Compliance, Bernadette Murphy.

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  • November 28, 2023

    MFDF Webinar: “Alternative Investments: Their Rise in Popularity, Trends, and Potential Pitfalls”

    On Wednesday, November 29 at 2:00pm ET, the Mutual Fund Directors Forum plans to hold a webinar titled, “Alternative Investments: Their Rise in Popularity, Trends, and Potential Pitfalls.” The webinar, moderated by Forum Board Member and Independent Trustee of the Carlyle Tactical Private Credit Fund Sanjeev Handa, will include a presentation and perspectives from Brian Marcus, Managing Director and Portfolio Manager in Global Credit at Carlyle.

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  • November 27, 2023

    Capital Markets Subcommittee Hearing Examines SEC Agenda

    The House Financial Services Committee’s Subcommittee on Capital Markets held a hearing entitled, “Examining the SEC’s Agenda: Unintended Consequences for U.S. Capital Markets and Investors.” Chairman Ann Wagner (R-MO) argued that regulatory action should only be taken when explicitly authorized by Congress. She said the SEC’s rapid pace of rulemaking raises questions about the ability of the SEC to evaluate the cumulative effects and other implications of the rules.

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  • November 21, 2023

    PwC Releases 2023 Annual Corporate Directors Survey

    PwC recently released its 15th “Annual Corporate Directors Survey” which surveys over 600 public company directors on a variety of issues including ESG oversight, crisis management, board diversity, board effectiveness, and cyber oversight, among other areas. The survey notes “[r]esistance to evolution continues to plague many boards, particularly when it requires self-reflection about their own composition.”

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  • November 20, 2023

    SEC FY2023 Enforcement Results Released

    The Securities and Exchange Commission (SEC) released its Enforcement results for the fiscal year 2023. Chair Gary Gensler noted “Last fiscal year’s results demonstrate yet again the Division’s effectiveness—working alongside colleagues throughout the agency—in following the facts and the law wherever they lead to hold wrongdoers accountable.”

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  • November 16, 2023

    Fifth Circuit Court of Appeals Declines to Review SEC Approval of ‘Nasdaq Rule’

    The U.S. Court of Appeals for the Fifth Circuit denied petitions to review the Securities and Exchange Commission’s (SEC) approval of the Nasdaq diversity disclosure rule. A Simpson Thacher Memorandum notes that the Appeals Court “rejected petitioners’ constitutional and statutory claims, framing Nasdaq’s diversity rule as consistent with the Securities Exchange Act’s ‘fundamental purpose’ of enforcing ‘a philosophy of full disclosure… in the securities industry.’”

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