Top of the Agenda - Regulatory

SEC ETF rule proposal likely on boards' fall agendas
By Hillary Jackson
Boards overseeing exchange-traded funds—or working with advisers that plan to enter the ETF market—are likely to spend time at their third- and fourth-quarter meetings familiarizing themselves with a new ETF rule proposed in June by the Securities and Exchange Commission. The rule is designed to streamline the process of bringing ...  >> CONTINUE READING <<<

 

 

Top of the Agenda - Industry Groups

ICI, IDC urge SEC to further amend loan provision

By Hillary Jackson
The Investment Company Institute and Independent Directors Council are urging the Securities and Exchange Commission to go further than its proposed amendments to the loan provision of the auditor independence rules, a move that would cut out wasted time, effort and costs for auditors, fund directors, and advisers in identifying ...  >> CONTINUE READING <<<

 

 

Top of the Agenda - Legal

Appeals court upholds 2016 AXA ruling
By Hillary Jackson
The U.S. Court of Appeals on Tuesday affirmed a lower court decision in favor of the defendants in an excessive fees case against AXA Equitable Life Insurance Co., effectively ending litigation that's been going on for seven years. “We are pleased with the Court's ruling, which affirms the independence and conscientiousness ...  >> CONTINUE READING <<<

 

 

10 Things

10 Things...Boards should consider about self-assessments
By FBV Staff
Mutual fund boards must conduct annual self-assessments. There are a variety of ways to complete this task and no real consensus on which is the best or most effective approach. However, the goals of the exercise—to strengthen directors’ understanding of their role, identify potential weaknesses and/or areas in need of improvement, and ...  >> CONTINUE READING <<<

 

 

Top of the Agenda - Legal

Plaintiffs face 'uphill battle' in BlackRock 36(b) case
By Hillary Jackson
The summary judgment ruling in an excessive fees case against BlackRock earlier this month is a win for mutual fund boards, even if it means another 36(b) case will go to trial, industry lawyers told Fund Board Views. U.S. District Court Judge Freda Wolfson said in her redacted opinion that the ...  >> CONTINUE READING <<<

 

 


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CCO Insight
CCOs see bigger pay bump in 2017

Mutual fund chief compliance officers received significant bumps in pay in 2017, according to new data from Management Practice Inc. On average, fund CCO compensation packages ...