From the Editor...
Mutual Fund Directors Forum, Independent Directors Council, and numerous others have officially weighed in on the SEC's proposed rule on fund valuation practices. And it's clear that the fund industry believes that while the regulator has made a commendable first effort, work remains to be done. Overwhelmingly, commenters wants less prescriptive language and more deference given to fund directors' business judgment. We've provided readers with details on the MFDF and IDC comment letters, and you can access all the comment letters here.
In a recent speech, DIM Director Dalia Blass said that her staff plans to move forward with the valuation rule proposal and several other initiatives this year. She also said the Division is considering making permanent the relief fund boards received earlier this year from in-person meeting requirements. Moving in that direction, she said, "makes good sense," though she posed a number of questions to the industry to help with the decision-making on the issue.
In our latest 10 Things feature, we've covered diversity and what having a diverse group around the table brings to a board. Why should fund boards prioritize racial and gender diversity? For some interesting answers to that question, take a look at the list.
Another good read is our latest Viewpoints, authored by industry veteran Peg McLauglin. In her article, McLaughlin tackles why now—more than ever—boards need to focus on their oversight of technology. This is an area that always is of importance to advisers and fund boards, but amidst a global health crisis that has had staff working remotely at the adviser and at various service providers, it's even more important, McLaughlin maintains. She makes a lot of good points and raises a number of topics for discussion—for the current environment and for post-COVID times when folks return to the office. Don't skip this one.
Speaking of the global pandemic, we are hoping you are healthy and safe and able to get done what needs to get done from wherever you are. Stay well, and stay in touch; give us a call or drop us an email anytime. We love to hear from you, and we've missed running into you in person this year.
Hillary Jackson, founding editor