Board Oversight of Advisory Agreement Renewals - Part 4: Enforcement Action Takeaways

In November 2025, MFDF, in coordination with Morgan Lewis, released Part 4 of its 15(c) White Paper regarding Board Oversight of Advisory Agreement Renewals, entitled Enforcement Action Takeaways. The MFDF 15(c) White Paper is intended to serve as a reference regarding the advisory agreement renewal process and relevant enforcement actions, as well as a resource of possible approaches to 15(c) board processes and avenues directors may consider when analyzing complex or challenging facts and circumstances in their review. 

Part 4 of the 15(c) White Paper provides real-world illustrations of regulatory expectations and the potential consequences of insufficient 15(c) processes, and may assist boards in aligning their oversight practices to avoid ending up in the SEC’s crosshairs.

Part 1 of the 15(c) White Paper discussed Regulatory Requirements and Judicial Caselaw

Part 2 of the 15(c) White Paper discussed Board Processes

Part 3 of the 15(c) White Paper discussed Gartenberg Factors Analysis and Board Considerations