Top of the Agenda - Regulatory

2010-2020: A decade of regulatory developments

By Andrew J. Donohue & Kim E. Kaufman

There certainly has been considerable change over the past 10+ years in the investment company industry and its regulation. From 2010 to 2020, the net assets of mutual funds increased from $11.8 trillion (8,523 funds) to $23.9 trillion (9,027 funds), and exchange-traded funds increased from $1 trillion (950 ETFs) to ... >> CONTINUE READING <<<

Industry keen for SEC to name new DIM chief, perturbed about delay

By Hillary Jackson

The extended delay in naming a director for the Securities and Exchange Commission's Division of Investment Management is causing frustration and anxiety among mutual fund industry participants concerned that the nearly $30 million market in which they operate is being regulated by an entity without a leader. "We have a ... >> CONTINUE READING <<<

SEC examiners find compliance, oversight deficiencies

By Hillary Jackson

The Securities and Exchange Commission said in a risk alert issued Tuesday that its examiners had found that some mutual funds and exchange-traded funds did not have compliance programs with appropriate policies, procedures, and processes for monitoring and reporting to their boards and for ensuring boards are exercising appropriate compliance ... >> CONTINUE READING <<<

Fund boards could soon have to disclose gender, racial diversity

By Hillary Jackson

A Securities and Exchange Commission committee on Wednesday approved a set of recommendations that would require mutual fund boards to disclose the gender and racial diversity of their directors. The SEC staff is now charged with taking up the issue. While this effort ultimately could result in a rule proposal, ... >> CONTINUE READING <<<

Counsel: SEC's ESG risk alert may spur board discussions

By Hillary Jackson

As demand for investments that incorporate environmental, social and governance factors has heated up in recent years—and the asset management industry has responded—the Securities and Exchange Commission has sharpened its focus on the space. Mutual fund governance professionals say the SEC's focus should spur fund boards to make sure they ... >> CONTINUE READING <<<

New SEC exam priorities can 'direct directors'

By Hillary Jackson

Independent mutual fund directors are likely to get a readout from counsel in the coming weeks on where the Securities and Exchange Commission's newly named Division of Examinations is planning to focus this year, according to industry lawyers. While they noted that the Division's list of 2021 priorities is expansive—likely ... >> CONTINUE READING <<<