From the Editor...

After a week of battling COVID, I'm back at my desk this morning (feeling pretty good). My family outran the virus for more than three years, but it finally got us (two of us, anyway). Hope you all are staying healthy and enjoying spring. I'm certainly eager to get back outside this week, especially now that it's warmed up a bit in the D.C. area!

I was (mostly) back on my feet Friday, which worked out well since we had some breaking news out of the Securities and Exchange Commission. The Commission announced Friday afternoon that it had leveled charges against an adviser, two firm/fund officers, and two independent directors from its fund board for violations of the liquidity risk management rule. All face "aiding and abetting liquidity rule violations" charges, while an interested director—the CEO of the adviser—settled with the regulator.

This was the first time the SEC brought charges under the liquidity risk management rule, which was adopted in 2016, and it's important to note that while we know the SEC's version of events, the independent directors have not had their say (publicly, at least). We'll be providing some analysis of the case this week and following it going forward.

We don't get breaking news often that pertains directly to fund boards and fund governance, but when we do, you'll read about it in FBV first (even when the editor has COVID)! Stay tuned.

In other news, we've recently published a great 10 Things... list covering points to keep in mind when modernizing and/or harmonizing fund documents. It's a big job, and there's a lot to think about. We've also reported on the new independent chair of Brown Advisory Funds; he replaced a long-serving interested chair, who retired at the end of March. And don't miss our latest PDF with all the stories we published in April. 

Drop us an email (or go old school and call) if you've got some news to share or a topic you'd like us to explore. We love to hear from readers!

For now,

Hillary Jackson, founding edtior