MFDF News Feed

October 2, 2025

This week, MFDF announced the addition of three new members to its own board: Fran Cashman, Jody Foster, and Julian Sluyters. MFDF President Carolyn McPhillips stated, “[t]heir experience and insights will be invaluable for myself and the MFDF staff as we continue our work in helping independent directors navigate today’s shifting regulatory environment while they maintain their focus on stewarding the investments of millions of shareholders.”

October 1, 2025

Subcommittee Chairman Bryan Steil (R-WI) inquired whether a new regulatory regime would be needed to ensure guardrails are in place as the technology continues to develop. Witnesses Matthew Reisman of the Center for Information Policy Leadership, and Dr. David Cox of the MIT-IBM Watson AI Lab, both noted that guardrails could be built around the existing regulatory framework, and that Congress could make changes as needed, rather than starting with a new regulatory regime.

September 30, 2025

The report highlights generational trends in ETF investing between retail investors in categories like defined outcome, levered or inverse products, absolute return, as well as others. It also breaks down by generation investor appetite for certain types of investments like commodities, domestic equities, currency, fixed income, and international investments.

September 29, 2025

On Monday, September 29 the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) plan to host a one-day roundtable discussion on regulatory harmonization efforts. This program highlights the SEC and CFTC’s relationship to work together, not only on digital assets regulation, but in other areas of financial regulation.

September 25, 2025

On September 11, MFDF hosted a program with K&L Gates partners Craig Leen, Varu Chilakamarri, Fatima Sulaiman, and Lance Dial to address questions from fund independent directors and CCOs on Fund Governance of DEI and ESG in the Current Landscape. The critical importance of implementing, documenting, and following robust processes was a key theme throughout the discussion.

September 24, 2025

This webinar will focus on the core elements and practices of a risk management program and provides an overview of specific areas of existing and emerging risks that impact the investment management industry.

September 23, 2025

An Akin client alert notes “this matter suggests that the SEC remains willing to bring enforcement actions for clear violations of more technical provisions of the Advisers Act that do not necessarily involve fraud or investor harm.” Akin further emphasizes that annual compliance reviews must be “meaningful.”

September 22, 2025

During the webinar, panelists will discuss alternative investments in 401(k) plans, highlighting the key developments for impacted stakeholders, including alternative asset managers, plan consultants and other plan fiduciaries.

September 18, 2025

In a recent Viewpoints article, Ropes & Gray attorneys discuss the intersection between the legal implications of anti-greenwashing legislation—and related pressures—and the continued need to communicate effectively.

September 17, 2025

The statement highlights the agencies’ view that “current law does not prohibit SEC- or CFTC-registered exchanges from facilitating trading of these spot crypto asset products.” According to the statement, “[a]s market participants prepare to submit any necessary registrations, proposals, or requests for appropriate relief to the SEC and/or CFTC, the Divisions stand ready to engage regarding any questions.”

September 16, 2025

The author focuses on two primary risks, questioning the reported returns of these funds and the differences between the funds sold to wealthier investors vs. the funds sold to the broader market. The paper offers several policy implications based on its findings, including steps the SEC may take to address these risks.

September 15, 2025

The program will highlight how research and compliance teams are using AI to manage material non-public information (MNPI) risks, off-channel communications, and audit readiness.

September 11, 2025

Debevoise & Plimpton recently released a memo summarizing the 2025 proxy season in the wake of SEC guidance affecting shareholder engagement and activism and U.S. government initiatives. Debevoise noted that “revised proxy advisor and institutional shareholder guidelines were cause for many companies to review their DEI initiatives and related disclosures.”

September 10, 2025

The spring agenda reflects the Commission’s focus on cryptocurrencies, digital asset market structure, implementation of the Consolidated Audit Trail, customer identification programs, amendments to the custody rules, and a focus on transfer agents, among other projects.

September 9, 2025

The program will feature Ali Rivett, Sean Graber and David Freese, partners at Morgan Lewis, and will highlight practical takeaways for registered fund directors from selected SEC enforcement actions relating to the 15(c) process.

September 9, 2025

MFDF believes that recognition of such an implied private right of action would undermine the role of fund independent directors, is contrary to Congress’ intention in the 1940 Act, and would potentially open funds to excessive litigation. The brief emphasizes the role of fund independent directors in representing the interests of shareholders and underscores that the 1940 Act protects shareholder interests through director oversight rather than through private right of action.

September 4, 2025

The narrative takes the reader through the inner workings of the Vatican with fast-paced action, generous doses of art education, and the next best experience to actually visiting Venice and other European locales.

September 3, 2025

The Securities and Exchange Commission (SEC) announced that Judge Margaret “Meg” Ryan will serve as the next Director of the Division of Enforcement, effective September 2. Judge Ryan stated, "I look forward to joining the Commission in its important work to ensure that the Division is true to the SEC’s mission in taking action on behalf of investors harmed by those who break the securities laws and providing an effective deterrent against fraudulent and manipulative activities in our financial markets."

September 2, 2025

Martin Dean, President of Northern Lights Compliance LLC, and Ken Grant an independent trustee on the Unified Series Trust, will highlight priorities on compliance and board reporting that series fund trust boards should consider when fulfilling their oversight duties.

August 28, 2025

Supremacy by Parmy Olson, a technology writer for the Wall Street Journal, traces the origins of the race to dominate artificial intelligence in Silicon Valley from the pioneering early days of the key figures to the big-money battles of the present day.