From the Editor...

The mutual fund industry got another court victory recently with a judge in the Southern District of New York finding in favor of the defendant in an excessive fees case against Calamos Advisors. Chill v. Calamos, which alleged violations of Section 36(b) of the Investment Company Act of 1940, dates back to 2015 and went to trial late last year. Judge Edgardo Ramos's dismissal of the case on Sept. 27 was the latest in a string of victories for the industry, and litigators are optimistic this current wave of cases is calming. 

In boardrooms this fall, independent fund directors are likely reviewing the new exchange-traded funds rule adopted by the Securities and Exchange Commission. The rule has drawn praise from fund governance professionals because it doesn't assign specific new duties to the boards overseeing ETFs, but directors nonetheless need to be familiar with the rule and how advisers will comply with it, and they may be tasked with approving new policies and procedures associated with the rule. 

Meanwhile, Deloitte expects boards to continue exploring ways to incorporate technology into their valuation practices. The firm released its latest Fair Valuation Pricing Survey, in which it found the progress on the technology front has been slow but steady. The survey results include a lot more information as well, covering topics such as liquidity, board governance, private equity, and other valuation-related issues.

We've also reported on elections at the Independent Directors Council, where the current chair will continue in her position for another year, a new vice chair has been elected, and new Governing Council members have been named. The Investment Company Institute also held elections and named new members to its board.

Check out our monthly PDF if you've missed anything along the way. The issue with all our stories from September was posted last week. 

For now,

Hillary Jackson, founding editor