MFDF Board Bookshelf: ABA Fund Director’s Guidebook

Fourth Edition. Federal Regulation of Securities Committee. American Bar Association. 2024. 

The Fund Director’s Guidebook remains an essential resource for its comprehensive overview of the regulatory responsibilities of directors who oversee registered funds. This guidebook has long been part of the onboarding toolkit for some fund complexes, and an update to the fifth edition is highly recommended. The fifth edition covers the last decade, a very active regulatory period and one which saw significant changes in the industry. The Federal Regulation of Securities Committee comprises well-known names in the 1940 Act bar, including MFDF board chairman Buddy Donohue.  The fifth edition is structured as a resource to be revisited often, with a glossary, keyword index, regulatory calendar and a helpful compilation of fund director responsibilities. Directors will appreciate the concise, accessible overviews of recent regulations, including the Liquidity Rule, Derivatives Rule and Valuation Rule, among many others. There is an entire chapter on exchange-traded funds and on closed-end funds and business development companies. The authors also cover fund governance and changes in the industry, with discussions on board oversight of cybersecurity and artificial intelligence and investments in private funds. While the sections on ESG and DEI may seem dated at this particular point in time, they still resonate with good guidance and governance principles. At roughly 250 pages this guidebook is an easy companion and essential resource for fund directors.