Top of the Agenda - Regulatory

SEC amends auditor independence rules' loan provision

By Hillary Jackson

The Securities and Exchange Commission has adopted amendments to the loan provision of its auditor independence rules in a move designed to "more effectively identify debtor-creditor relationships that could impair an auditor's objectivity and impartiality," according to a statement from SEC Chairman Jay Clayton. Last year Investment Company Institute and ... >> CONTINUE READING <<<

SEC on liquidity: No need to report for planned market closures

By Hillary Jackson

The Securities and Exchange Commission's Division of Investment Management has made it clear that funds do not have to notify the regulator when investments become temporarily illiquid as a result of a planned extended market closure. There are several holiday closures in markets around the world throughout the year, and according ... >> CONTINUE READING <<<

In 'significant' move, Blackstone seeks relief from in-person sub-adviser approvals

By Hillary Jackson

Blackstone Alternative Investment Funds and their adviser are seeking an exemption for their fund board from having to hold in-person meetings to approve sub-advisory agreements. Should the Securities and Exchange Commission grant Blackstone's request, industry lawyers say the move would be significant and could indicate that the regulator may move ... >> CONTINUE READING <<<

SEC's Blass: Industry, board outreach to target small, mid-sized complexes

By Hillary Jackson

The Securities and Exchange Commission's Division of Investment Management is planning to launch a new outreach initiative targeted at small and mid-sized fund complexes, an effort that will include the board outreach program that Director Dalia Blass launched in late 2017. The goal, she told attendees at the Investment Company ... >> CONTINUE READING <<<

Fund boards, industry welcome in-person voting relief

By Hillary Jackson

A recent move by the Securities and Exchange Commission to relieve mutual fund directors from in-person voting requirements under certain circumstances is garnering praise from the fund governance community. The no-action letter issued by the Division of Investment Management in which the relief is granted is the latest action to ... >> CONTINUE READING <<<

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 <<<