Top of the Agenda - Regulatory

SEC enforcement hits record numbers in FY'22
The Securities and Exchange Commission had a record year in enforcement last fiscal year, collecting a total of more than $6.4 billion in civil penalties, disgorgement, and pre-judgment interest. The agency said Tuesday it was "working with a sense of urgency to protect investors, hold wrongdoers accountable, and deter future ...  >> CONTINUE READING <<<

 

 

Boards: Expect to talk about new shareholder reports
By Hillary Jackson
Boards overseeing mutual and exchange-traded funds should expect to hear from advisers in the coming months about how they will comply with a new rule regarding shareholder reports adopted Wednesday by the Securities and Exchange Commission. The responsibilities and duties of fund boards will not change under the new rule, ...  >> CONTINUE READING <<<

 

 

Fund industry pushes back on ESG disclosure, names rule proposals
By Hillary Jackson
The mutual fund industry is pushing back against two recent rule proposals from the Securities and Exchange Commission regarding disclosures around environmental, social, and governance investing and fund names. Investment Company Institute, Independent Directors Council, and Mutual Fund Directors Forum all submitted comment letters this week urging the SEC to ...  >> CONTINUE READING <<<

 

 

SEC to advisers: Turn over 15(c) documents, info
By Hillary Jackson
The Securities and Exchange Commission has begun requesting documentation and information from mutual fund advisers about their funds' 15(c) processes and fees. The Division of Enforcement is issuing the requests, and while it's not exactly clear what prompted the effort, many are pointing to remarks Investment Management Division Director William ...  >> CONTINUE READING <<<

 

 

Two new rule proposals spur concern over boards' workload
By Hillary Jackson
Concerns over mutual fund boards' workload are increasing in the wake of the Securities and Exchange Commission's release this week of two new rule proposals. "There is no question that there have been a lot of regulatory initiatives, and there is no question that boards' workload has gotten greater as a ...  >> CONTINUE READING <<<

 

 


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Top of the Agenda - Compensation
IDC: Directors see modest pay increase in 2021

Independent mutual fund director compensation levels increased in 2021, though the year-on-year change was significantly lower than in 2020, according to new data obtained by Fund Board ...