Top of the Agenda - Regulatory

SEC's Birdthistle spoke...but not about hard close, swing pricing

By Hillary Jackson

William Birdthistle, director of the SEC's Division of Investment Management, delivered keynote remarks at a mutual fund industry conference this morning but failed to address a recently proposed rule that just last month garnered thousands of comment letters—including from around 30 fund boards and independent directors. Birdthistle instead provided a ... >> CONTINUE READING <<<

Fund boards to SEC: Scrap hard close, swing pricing

By Hillary Jackson

The mutual fund director community has come out in force against the Securities and Exchange Commission's hard close, mandatory swing pricing, and liquidity proposal. The two industry groups representing independent directors and a number of boards themselves are voicing concerns about high costs, potential confusion among investors, displacement of mutual ... >> CONTINUE READING <<<

SEC exam priorities: Fund boards remain in regulator's focus

By Hillary Jackson

The Securities and Exchange Commission earlier this month announced its 2023 examination priorities, some of which place mutual fund boards squarely in the crosshairs of regulatory scrutiny. The extra attention is unlikely to change boards' behavior, but rather serves as a reminder for diligence, industry lawyers told Fund Board Views.

The ... >> CONTINUE READING <<<

SEC outsourcing rule proposal draws pushback

By Hillary Jackson

The mutual fund board community and others are pushing back on the Securities and Exchange Commission's proposed rule on outsourcing by investment advisers, maintaining it is redundant and will convolute the oversight process for advisers and fund boards. "While the proposal focuses on outsourcing by investment advisers, the proposed rule ... >> CONTINUE READING <<<

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 <<<