News
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September 28, 2022
Considerations for Fund Boards that Oversee ESG ProductsGwen Williamson, Partner at Perkins Coie in Washington, DC, sets forth a series of questions directors should consider if the fund complex they oversee has an ESG product. The post notes that “fund boards should work with the chief compliance officer (CCO) and the fund adviser to understand the overall approach to ESG investing in the fund complex.”
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September 27, 2022
Harvard Law Blog Post Details Concerns Surrounding ESG DataIn recent years, the demand for ESG data has exploded, including demand from investors, companies, and regulators. This demand, the authors state, “has in many ways outstripped the ability of suppliers to supply the depth, detail, and accuracy of data required.”
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September 26, 2022
Event of Interest: Deloitte Webinar on Risk Management for Fund DirectorsOn Wednesday, Deloitte plans to host a webinar highlighting the fund manager’s role in risk management oversight.
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September 22, 2022
Conference Board Report Highlights Issues Surrounding Board Refreshment and EvaluationsA report released by The Conference Board highlights insights about board refreshment policies and practices as well as director evaluations at S&P 500 and Russell 3000 companies. The report “Board Refreshment and Evaluations” focuses on how corporate boards can achieve member refreshment (while turnover remains low) as well as how evaluations can be used to promote diversity and refreshment.
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September 21, 2022
MFDF Webinar Tomorrow: What the Mutual Fund Industry Should Understand About Digital AssetsThe Forum will host a webinar with Perkins Coie to discuss investment and regulatory updates regarding blockchain, fintech, and digital assets.
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September 20, 2022
Delaware Enacts Protections for Closed-End Fund and Business Development Company InvestorsAt the end of July, Delaware Governor John Carney signed into law amendments (Control Share Statute) to the Delaware Statutory Trust Act (DSTA) which apply to all registered closed-end funds (CEFs) and business development companies (BDCs) that are organized as Delaware statutory trusts and have a class of equity securities listed on a national securities exchange.
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September 19, 2022
Report Details How Boards Can Be Impactful During Volatile TimesErnst & Young recently released a report on corporate board issues entitled, “How to Increase the Board’s Impact in Volatile Times” which analyzes how corporate boards view, measure, and can improve their strategic value.
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September 15, 2022
MFDF Webinar Tomorrow: The Impact of Volatility on Financial MarketsPaul Reisz of PIMCO will discuss the impacts of rising rates, inflation, global volatility and other market volatility issues that affects fund investment strategies.
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September 14, 2022
SEC Releases Draft Strategic Plan for FY22-26The SEC published a draft Strategic Plan spanning FY2022-2026 that establishes three primary goals for the agency. Those goals include: 1) investor protection; 2) a regulatory framework that keeps pace with evolving markets; and 3) building out a skilled SEC workforce that is diverse and able to advance the SEC’s mission.
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September 13, 2022
MFDF Webinar Tomorrow: Performance, Perception and Manager SelectionDuring this webinar, Professor Stewart will dive in to the key findings from his latest research Performance, Perception, and Manager Selection.
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September 12, 2022
Blog Post Covers Updates to “ESG Trends and Expectations” in 2022In a recent article, the authors provide a mid-year update to ESG related issues, a discussion of the war in Ukraine, and summarize key regulatory developments including SEC enforcement actions and the impact the recent Supreme Court case, West Virginia v. Environmental Protection Agency.
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September 8, 2022
Brookings Report Highlights an Uncertain Future for Chevron DeferenceThe authors of the report state that in the past “agencies presumably saw Chevron deference as an important tool to use in writing regulations” with a study noting a 94%-win rate (from 2003-2013) if the court made it to the second step of the framework. However, in recent years the report notes “agencies could be shying away from explicitly citing Chevron,” and that there are “major actions by this administration [Biden] that do not cite the case at all.”
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September 7, 2022
Study Analyzes Mutual Fund Benchmarks and PerformanceA recent study analyzes changes to mutual funds’ declared benchmarks and how performance metrics for those funds changed as a result. The study notes that funds choosing to switch their benchmark experienced an average 0.8% increase in one-year returns, a 2.4% bump over five years, and 4.8% improvement in the 10-year time frame.
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September 6, 2022
Event of Interest: Webinar on Proposed ESG and Fund Names RulesDavis Polk and McKinsey & Company will host a joint webinar on recent SEC proposals to enhance ESG disclosures and fund name requirements for registered funds as they face novel legal and compliance challenges related to ESG disclosure proposals.
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August 25, 2022
Trends During the 2022 Proxy SeasonA recent blog post highlights a Glass Lewis report that details trends in the 2022 proxy season, including that shareholders are still focused primarily on board diversity and executive compensation.
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August 24, 2022
MFDF Files Comments to SEC Proposals on ESG, Names RuleThe Mutual Fund Directors Forum submitted two comment letters to the SEC this month covering recent proposals on ESG disclosure by funds and investment advisers as well as a on a proposal that would amend the Names Rule.
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August 23, 2022
Impact of Supreme Court Decision in West Virginia v. EPA on SEC RulemakingsA recent blog post entitled, “West Virginia v. EPA Casts a Shadow Over SEC’s Proposed Climate-Related Disclosure Rule” discusses the impact the Supreme Court’s June 30 decision may have on the SEC’s current rule proposals. The authors note that the Court’s decision could interfere with the SEC’s proposed rule on climate-related disclosure.
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August 18, 2022
Senators Introduce Digital Assets LegislationSenate Agriculture Committee Chair Debbie Stabenow (D-MI) and Committee Ranking Member John Boozman (R-AR) introduced the “Digital Commodities Consumer Protection Act of 2022” which would give the CFTC new authority to regulate digital assets. The legislation would place the CFTC in the lead oversight role for Bitcoin and Ether and require all digital commodity platforms—including trading facilities, brokers, dealers, and custodians—to register with the CFTC.
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August 17, 2022
Blog Post Highlights Importance of Board Chair RoleA recent blog post entitled, “Board Effectiveness and the Chair of the Future” highlights the important and necessary role board chairs play in organizational governance and leadership generally.
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August 16, 2022
FSOC Meets to Discuss Progress on Climate Related ProgramsThe Financial Stability Oversight Council convened to discuss progress made by the Council and its members to identify and address climate-related financial risk. As part of the meeting, the FSOC released a factsheet highlighting the progress of the Climate-related Financial Risk Committee, which has representation from all fifteen FSOC members.
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