From the Editor...

After many months of buildup and anticipation, the presidential election has come and gone. And though many might've expected the results to be delayed by days or even weeks, it actually was settled the night of, with Donald Trump winning a second term in the White House. Now that the big question has been answered, there is seemingly no end to follow-on questions about how the next four years will play out. For our readers, the focus is initially on the Securities and Exchange Commission: Who will lead it? How will the regulator regulate under this Republican administration? What will happen to the current SEC's unfinished business? 

We wanted to help independent directors and other fund governance professionals put the election results into perspective—even if there aren't concrete answers to all of the questions. Sidley Austin's Jay Baris and Nathan Greene took on the task for us, authoring an article that examined potential issues and outcomes for the mutual fund industry generally, while speaking directly to independent fund directors about what they might expect in the coming year and beyond. It's an excellent, timely piece that is a must-read. And, as with all of our Viewpoints articles, it is not behind our paywall and therefore easily shareable with anyone who might have an interest—and we encourage you to do just that: Share widely!

Speaking of what may or may not happen at the SEC, the ICI is speaking out on what it wants from the new administration. ICI President and CEO Eric Pan has sent a letter to SEC Chairman Gary Gensler in which he called on the agency to suspend compliance deadlines for recently adopted requirements, stop all activity on outstanding proposals, and extend relevant relief that is scheduled to expire. "Given the likelihood that the president-elect will seek leadership changes at the SEC, it is imperative that the next SEC chair be given the opportunity to determine whether and how to advance the recent rule adoptions and outstanding proposals impacting investors, funds, investment advisers, and capital markets overall," Pan wrote.

The ICI also wrote to Trump's transition team asking that the president-elect's new SEC leadership consider an ICI plan for updating the its regulatory framework for investment companies. "Regulatory reforms are needed to enable firms to continue innovating and advance the interests of individual investors. To that end, ICI has developed a comprehensive plan to update the regulatory framework of the Investment Company Act of 1940," the letter stated. According to the ICI, "the letter also says its list of priority issues includes the IRS developing new guidance to allow investors to avoid paying unnecessary taxes, ...additionally calls for Congress to adopt more workable laws on investment, shareholder disclosure and a 'fairer tax system for funds.'"

We'll stay on this through the end of this year and into 2025, as Trump continues to build his administration and his plans take shape. Watch this space, and let us know what you want to know; we're always keen to hear directly from our readers about what's on your mind.

In other news, we closed the loop on Neuberger Berman's latest director search by reporting last week that Chair Tom Seip and his board has hired retired U.S. Army Gen. Paul Nakasone to fill a seat vacated by retired Adm. James Stavridis last June. We reported months ago that Stavridis had left the board and the search was on, and now we provide details on the new hire and what the board will look like come Jan. 1. We also reported recently that a veteran of T. Rowe Price Associates' legal department has been nominated to fill an open seat on the Brown Advisory Mutual Funds board. Shareholders will vote next month.

And finally, fund governance professionals told us they were surprised and a bit concerned over the content of a risk alert published by the SEC earlier this month. In it, the regulator cited several "deficiencies" and "weaknesses" in fund boardrooms. Could it be a harbinger of more to come in this area? We're watching. 

To all of you celebrating Thanksgiving next week, enjoy the long weekend and the holiday! 

For now,

Hillary Jackson, founding editor