From the Editor...
The mutual fund industry is not happy with proposed regulation that would implement a hard close, swing pricing, and liquidity rules, and it is letting the Securities and Exchange Commission know. Dozens of comment letters were submitted by the proposal's deadline of Feb. 14, including from industry groups IDC and MFDF and from boards themselves, which is a somewhat unusual occurrence. Their message? Scrap the proposal. Read more here.
We recently ran an op-ed on possible unintended consequences of swing pricing, as proposed by the SEC. Susan J. Templeton, an investment management industry veteran, penned the piece, covering a variety of angles of the proposed rule. In our Viewpoints sections, the article is good food for thought for independent fund directors and others in the industry.
As is often the case at the beginning of a new year, regulation and the SEC's efforts are top of mind. The Commission's Division of Examinations has released its exam priorities for 2023, and mutual fund boards and their procedures and processes are a focus. Read what industry counsel believe this might mean in the nation's fund boardrooms this year.
We continue to keep readers up to date on changes in personnel (and the reasons behind those changes) in fund boardrooms, and we had the privilege of highlighting the contributions to the industry of RBB Fund Founder Dick Carnall, who passed away Jan. 26. He was an innovator, a career fund industry executive, an interested and independent fund board member, and, according to RBB Fund's independent chairman, "a true gentleman."
Hillary Jackson, founding editor