Top of the Agenda - Regulatory

SEC issues interfund lending relief

By Hillary Jackson

The Securities and Exchange Commission has taken numerous steps this month to assist registered funds in dealing with the impact of the COVID-19 pandemic, including issuing an order last week that allows for lending among funds. Such interfund lending, which requires fund board approval, was described by SEC Chairman Jay ... >> CONTINUE READING <<<

SEC extends no-action relief to money market funds

By Hillary Jackson

As money market funds grapple with the most significant securities markets disruptions since the 2008 financial crisis, the Securities and Exchange Commission has acted to make it easier for all types of fund sponsors to ensure liquidity and stability in their products. In a no-action letter issued to the Investment ... >> CONTINUE READING <<<

Funds update risk disclosure with coronavirus language

By Hillary Jackson

The novel coronavirus outbreak has spurred some mutual funds to update their risk disclosure by filing sticker supplements that expressly list COVID-19 as a potential risk to shareholders. The filings are coming from both exchange-traded and open-end mutual funds and are similar to those filed around other recent potentially disruptive ... >> CONTINUE READING <<<

Fund boards: Stay updated on SEC Names Rule review

By Hillary Jackson

The Securities and Exchange Commission is reviewing how it should address misleading or deceptive mutual fund names, and fund governance pros say this is an issue to which directors should pay attention. Boards do not have a hand in determining names for the funds they oversee, but they do have ... >> CONTINUE READING <<<

Coronavirus fears prompt in-person voting relief

By Hillary Jackson

Mutual fund boards will not be required to meet in person for the next few months to vote on contract approvals and renewals and other matters, according to the Securities and Exchange Commission, which cited fears related to the spread of coronavirus, or COVID-19, in a no-action letter extension issued ... >> CONTINUE READING <<<

SEC agrees to Blackstone in-person sub-adviser meeting relief

By Hillary Jackson

The Securities and Exchange Commission is poised to grant relief to the independent directors of Blackstone Alternative Investment Funds from the requirement to hold in-person meetings to approve sub-advisory agreements. The move, according to fund governance professionals, may be the start of an initiative that would create a hierarchy of ... >> CONTINUE READING <<<