News

November 7, 2024

During the program, Michael Mundt plans to discuss key features of the structure, the challenges that those features might present, and particularly the board responsibilities as they are currently conceived in the applications for relief.

November 6, 2024

The Securities and Exchange Commission (SEC) charged WisdomTree Asset Management with misstatements contained in fund prospectuses for three separate funds marketed as ESG ETFs. In addition to the misstatements, the SEC found compliance failures in the execution of the stated ESG investment strategy.

November 5, 2024

The Massachusetts Superior Court found that four Eaton Vance closed-end funds (CEFs) and their trustees did not strip shareholders of the right to vote by requiring the support of a majority of outstanding shares to win a contested board election. According to a Ropes & Gray client alert, this decision could impose “significant limitations on activist hedge funds’ ability to challenge similar voting standards adopted by other closed-end funds.”

November 4, 2024

The program will cover the current state of AI usage in the financial services sector, including common use cases for compliance programs, as well as common steps compliance leaders are taking to manage the unique risks created by AI adoption. The full survey results will be released during the webcast.

October 31, 2024

The Division will conduct exams in “core areas” such as governance practices and disclosure, but also compliance with newly adopted rules, the use of emerging technologies, and controls that protect investor information, records, and assets.

October 30, 2024

The program will discuss how outsourcing governance, risk and compliance (GRC) services can enhance efficiency, manage costs, and streamline operations across the entire enterprise.

October 29, 2024

The report highlights the increased fee pressure asset managers are facing and the analysis of the resulting impact. The report found “[o]ver the past ten years, asset-weighted total expenses for both actively managed funds and passively managed funds (including ETFs) have trended downward” with the largest decreases seen in the US and the UK.

October 28, 2024

The program will feature current and former senior SEC officials, securities enforcement and white-collar attorneys, in-house counsel and compliance executives, and other industry professionals. The Securities Enforcement Forum will showcase a Keynote Address by the SEC's Acting Director of Enforcement, Sanjay Wadhwa.

October 24, 2024

The program will explore the immediate and long-term effects of the election results, as well as an early assessment of how these outcomes could influence legislative and regulatory shifts.

October 23, 2024

In a White Paper from the Nasdaq Center for Board Excellence titled “Navigating the Cybersecurity Disclosure Conundrum” the authors highlight the major challenges in cybersecurity oversight, including where to draw the line between management’s role and the board’s role.

October 22, 2024

The program will focus on key considerations for adopting AI that can streamline governance processes and enhance decision-making.

October 21, 2024

The program will discuss the most impactful cybersecurity incidents of 2024 as well as insight on how to manage or respond to an incident, should it happen.

October 17, 2024

Chair Gensler noted that the U.S. transition to T+1 for equities, corporate bonds, and municipal securities was a “win” for investors. He noted that industry participants “worked, along with SEC staff, to make the transition happen smoothly.”

October 16, 2024

The report emphasizes that while private credit is here to stay, “careful monitoring of short-term risks is still necessary, particularly in the event of an economic downturn in which a range of loans may become stressed or distressed.”

October 15, 2024

Included under the stated “Regulatory Oversight” bullet point are priorities that reduce the burden of agency action and ensure that each agency the Committee has oversight of is acting within the bounds of their statutory authority.

October 10, 2024

The complaint highlighted that Mr. Craigie had a personal relationship with a member of the Church & Dwight executive team including frequent vacations which the executive paid for, as well as attempts to conceal the personal nature of the relationship from other board members. Mark Cave, Associate Director of the SEC’s Division of Enforcement stated, “By concealing his relationship with a company executive, Mr. Craigie undermined the board’s director independence process and compromised the company’s disclosures.”

October 9, 2024

The hearing covered a variety of topics including closed-end funds, crypto assets and custody, the pace of rulemaking, Treasury clearing rules, short selling, access to capital, artificial intelligence, and cybersecurity, among other issues. In his opening remarks, House Financial Services Committee Chair Patrick McHenry (R-NC) noted, “It’s not just the courts that have taken issue with Chair Gensler’s reckless agenda. More than 250 Members of Congress from both parties have signed dozens of letters opposing actions taken by the SEC.”

October 8, 2024

Sidley Austin’s Jay Baris and MFDF President Carolyn McPhillips recently discussed the 100th anniversary of the mutual fund and detailed the important oversight function independent directors have within the registered investment company space. On swing pricing, Ms. McPhillips noted an overwhelming number of industry participants opposed the SEC’s proposal and noted that the reasoning for the proposal lacked a clear connection to the problem the SEC attempted to solve for.

October 7, 2024

MFDF will be joined by Fran Cashman, independent trustee the Morgan Stanley Funds' board, and John Krieg, CFA, CAIA, formerly the Managing Director of North American Distribution for UBS Asset Management as they plan to discuss the fundamentals of distribution that fund directors need to know to fulfil their oversight duties.

October 3, 2024

The program, part of the SEC’s Compliance Outreach Program, is intended to “help Chief Compliance Officers and other senior personnel at investment companies and investment advisory firms enhance their compliance programs for the protection of investors.”