From the Editor...

Paul Atkins last week was confirmed as the next chairman of the Securities and Exchange Commission, and Investment Company Institute President and CEO Eric Pan has urged him to "take swift action" on issues such as allowing funds to have both exchange-traded fund and mutual fund share classes, improving access for retail fund investors to private markets strategies, and reforming the fund proxy system. The market expects the regulator to begin approving applications for exemptive relief to offer an ETF share class soon, and we spoke to fund governance professionals about what boards should be doing between now and the expected approval—as well as what they should be prepared to start doing once relief is issued. This is a significant market development, and we'll continue to cover the issues around it as they arise through the process.

We also recently published a couple of new installments in Buddy Donohue's five-part series on conflicts of interest. Be sure to read the newest articles on potential conflicts involving accountants and attorneys. This is a great series, and you can find each installment in the Viewpoints section of our website.

In other news, we covered the latest court ruling in a case involving Saba Capital Management and closed-end fund ASA Gold and Precious Metals Ltd. It was a bit of a double-edged sword, with the judge deciding that ASA was within the law to implement a shareholder rights plan back in December 2023 but ran afoul of the '40 Act when it extended the plan beyond the 120 days allowed. Saba has lobbied the court to enforce its order that the plan be rescinded, while ASA has filed an appeal. We'll continue to watch this case and other developments involving activist investors and closed-end funds.

If you missed anything in March, be sure to download our latest FBV Monthly pdf. It's a handy resource.

For now,

Hillary Jackson, founding editor