Top of the Agenda - Regulatory

OCIE prioritizes fund, ETF oversight in 2019

By Hillary Jackson

Independent directors overseeing open-end and exchange-traded funds should be prepared for examiners from the Securities and Exchange Commission to "peek inside the boardroom" this year as the regulator continues to focus on board oversight practices and how they impact shareholders, according to industry lawyers. The SEC's Office of Compliance Inspections ... >> CONTINUE READING <<<

Blass: 'Informal framework' to guide SEC staff on fund board duties

By FBV Staff

Dalia Blass, director of the Securities and Exchange Commission's Division of Investment Management, last week told a group of independent mutual fund directors that during meetings with boards over the past year, she and her staff had learned a number lessons and gained insight into how directors think. That insight, ... >> CONTINUE READING <<<

Fund governance pros heartened by SEC no-action letter

By Hillary Jackson

The fund governance community is largely optimistic that the Securities and Exchange Commission's move last week to alleviate some board responsibilities related to affiliated transactions represents the start of what they hope will be a complete modernization of director duties. "I see it as a first step," Paulita Pike, a ... >> CONTINUE READING <<<

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 <<<

ETF rules, liquidity risk disclosures on SEC agenda

By FBV Staff

The Securities and Exchange Commission is holding an open meeting tomorrow to consider amendments related to liquidity risk management disclosures for open-end funds, a rule that would exempt exchange-traded funds from certain provisions of the Investment Company Act of 1940, and several other items.

Both the liquidity risk management disclosure amendments ... >> CONTINUE READING <<<

Governance pros applaud SEC's paperless rule

By Hillary Jackson

Mutual fund governance professionals on Tuesday commended the Securities and Exchange Commission's move to modernize shareholder report delivery, pointing out that going paperless will reduce costs, save trees, and cater to the habits of "next generation" investors. Amy Lancellotta, managing director of Independent Directors Council, hailed SEC Chairman Jay Clayton ... >> CONTINUE READING <<<