Trusted Insight for Independent Oversight

MFDF is an independent association for independent directors of mutual funds, ETFs, closed-end funds, and other registered investment companies.

MFDF helps independent directors navigate an evolving regulatory environment and steward shareholders’ investments. MFDF provides tailored educational resources and facilitates peer-to-peer networking, with offerings that include webinars, white papers, and interactive conferences. As an independent association, MFDF’s membership includes a wide range of fund boards and represents a diverse community of directors.

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Educational Offerings

MFDF provides comprehensive and high-quality educational resources tailored to independent directors. Explore upcoming programs, including webinars, single-day in-person seminars, multi-day conferences, and informal networking discussions.

Insights for the Field

The nature of the work of independent directors is ever-evolving. Read the latest news, practical guidance, comment letters to regulators, and other viewpoints.

Become a Member

Your goal is to steward your investors’ resources. We promise to steward yours. We take our role as your trusted partner seriously. And we pride ourselves on accessible membership dues and meaningful opportunities to learn and connect.

July 22, 2026 SEC Releases Proposal on E-Delivery of Regulatory Documents

The proposal would permit, but not require, investment firms to use e-delivery as the default method to deliver documentation to shareholders. According to an SEC press release, the rule "would expand the ability of issuers, broker-dealers, investment advisers, and others to use electronic delivery to satisfy information delivery requirements under the federal securities laws.”

July 21, 2026 SEC Chairman Paul Atkins Remarks Emphasize U.S. Free Market Tradition

Chair Atkins described the proper regulatory framework as more of a “trellis” than a “cage” in that it is strong enough to support the markets, but not so restrictive that it prevents growth.

July 20, 2026 Event of Interest: EY to Host Virtual Program Covering Alternative and Registered Funds

The panel will discuss the latest updates around legislative tax, Securities and Exchange Commission (SEC) regulations, and accounting and financial reporting.

July 16, 2026 SEC Regulatory Agenda Published

Of note to independent fund directors, the SEC is examining proposed rules on updating proxy rules, electronic delivery, enhancing retail exposure to private markets, and cross-trading securities with affiliates. Other areas of interest include cryptocurrency infrastructure reforms (ex. transfer agency, custody, etc.), amending the definition of an accredited investor, rationalizing disclosure practices for corporate filers, and reforms surrounding off-channel communications.

July 15, 2026 MFDF Webinar: Board Oversight of Subadvisers: Compliance and Regulatory Issues

Gwendolyn Williamson, Partner at Faegre, Drinker, Biddle & Reath, and Philip Wellman, Vice President and Chief Compliance Officer, MML Investment Advisers and MassMutual Funds, will discuss the compliance and regulatory issues involved in the hiring and ongoing oversight of fund subadvisers, while providing practical guidance for fund boards.

Upcoming Events

Full calendar

July 23, 2026
MFDF Members-Only Website Update Tour
On July 23rd, Leslie Beckbridge, MFDF's Manager of Operations and Member Services, will present a tour of new features for MFDF members on mfdf.org.
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New York July 28, 2026
Director Discussion Series - Open Forum (NYC)
MFDF and Sidley Austin LLP will host an in-person Director Discussion Series meeting in New York City to facilitate discussions for independent directors and CCOs to discuss timely issues brought up by participants. The event will be in-person from 3 pm to 5 pm (ET) followed by a networking happy hour at Sidley Austin's NYC office.
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New York July 29, 2026
Closed-End Fund Roundtable
KPMG and MFDF are pleased to host an in-person gathering of MFDF's Closed-End Roundtable group where industry experts will gather to discuss important issues facing boards of CEF. This in-person program will take place at KPMG's NYC office from 8:30 am to 2:30 pm (ET).
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Newest Resources

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July 22, 2026

Webinar Archive - Board Oversight of Subadvisers - Regulatory and Compliance Issues

Gwendolyn Williamson, Partner at Faegre, Drinker, Biddle & Reath, and Philip Wellman, Vice President and Chief Compliance Officer, MML Investment Advisers and MassMutual Funds, discussed the compliance and regulatory issues involved in the hiring and ongoing oversight of fund subadvisers, while providing practical guidance for fund boards. The webinar aired live on July 22, 2026.
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July 21, 2026

Webinar Archive - After FS Credit: What Fund Boards Need to Know About the Supreme Court's Section 47(b) Ruling

Skadden partners highlight the Supreme Court's landmark decision declining to recognize an implied private right of action under Section 47(b) of the Investment Company Act of 1940 and what it means for fund governance and independent directors. The webinar aired live on July 20, 2026.
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July 14, 2026

Webinar Archive - An Introduction to RIC Taxation and Mid-Year Updates

Amy Snyder, Principal at EY, Caitlin Link, and Roger Wise, Partners at Willkie, Farr & Gallagher will focus on tax basics for RICs and provide a mid-year update. The webinar aired live on July 14, 2026.
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MFDF Member Series - Leveraging MFDF Membership to Locate Future Directors

Leslie Beckbridge, MFDF's Operations and Member Services Manager, highlighted MFDF's Director Candidate Database, a service that provides curated candidate lists in response to member boards' requirements. The webinar provided an overview of the Database, discussed how members can use it as part of succession planning efforts, and shared insights to get the best results from your inquiry.

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Board Diversity Resources

Explore news and resources relating to fund board diversity.

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