MFDF News Feed

February 1, 2024

According to the Fuse data, of funds launched between the second quarter of 2013 and the second quarter of 2018, 59% of those funds still exist presently.

January 31, 2024

A McKinsey article addresses the rapid advancement of generative artificial intelligence (AI) and the importance of regulatory oversight to prevent inherent risks in its development. The article notes there are common themes between regulatory structures currently proposed including: Transparency, Oversight, Accountability, Nondiscrimination, Technical Robustness and Safety, and Privacy, among others.

January 30, 2024

On Tuesday, February 27 at 12:00pm ET, the Nasdaq Center for Board Excellence plans to host a webinar titled, “Cyber Risk and the Board: Trends and Tools in Cybersecurity and Its Oversight.” The panel will discuss what boards need to know about advanced practices, emerging opportunities, and broader trends in the cyber field.

January 29, 2024

The Financial Industry Regulatory Authority (FINRA) released its 2024 Annual Regulatory Oversight Report highlighting several areas of focus including cybersecurity and technology management, artificial intelligence, liquidity and credit risk management, and crypto assets.

January 25, 2024

Q. Cybersecurity oversight is becoming increasingly complex with emerging threats - how can AI be used in cybersecurity controls, and how can cybersecurity controls limit AI risks?

January 24, 2024

The House Financial Services Committee held several hearings to round out 2023 including “Fostering Financial Innovation: How Agencies Can Leverage Technology to Shape the Future of Financial Services” and “Examining the Agenda of Regulators, SROs, and Standards-Setters for Accounting, Auditing.”

January 23, 2024

January 22, 2024

EY plans to hold a webinar titled, “Strategic Perspectives and Insights on Artificial Intelligence for CFOs, Finance Leaders and Board Directors.” The panel, which includes a speaker from the EY Center for Board Matters, will discuss how CFOs, finance leaders and board directors are exploring opportunities for using AI to accelerate transformation and drive sustainable growth.

January 18, 2024

Fuse Research recently released benchmarking data highlighting various aspects of fund boards of Multi-Series Trusts (MST). The Fuse data shows that of the independent directors serving on boards maintained by MST Sponsors, 89% of independent directors serve on a single board.

January 17, 2024

In December, Senator Mark Warner (D-VA) and Senator John Kennedy (R-LA) introduced the “Financial Artificial Intelligence Risk Reduction Act,” which would require the Financial Stability Oversight Council (FSOC) to coordinate financial regulators’ response to threats to the stability of the markets posed by AI.

January 16, 2024

Morgan Lewis plans to host a series covering the global influence of Environmental, Social, and Governance (ESG) considerations by regulators. The five-part series will focus on varying global approaches to ESG regulation including the United States, Europe, Africa & the Middle East, and Asia.

January 11, 2024

Ropes & Gray discusses ESG-related updates to the Glass Lewis 2024 U.S. Benchmark Policy Guidelines. The first part of the series discusses changes relating to board oversight of ESG matters; while the second part of the series discusses amendments relating to board diversity.

January 10, 2024

The Securities and Exchange Commission (SEC) announced that Credit Suisse Securities and two other affiliated entities agreed to a settlement on charges that they provided “prohibited underwriting and advising services to mutual funds.”

January 9, 2024

The Financial Stability Oversight Council (FSOC) released its annual report highlighting its areas of focus in 2023, financial market and regulatory developments, and potential emerging threats to U.S. financial stability. At the meeting, Securities and Exchange Commission Chair Gary Gensler noted, “[w]e continue work regarding proposals on open-end fund liquidity management, including work with bank regulators on potential similar rules for collective investment funds.”

January 8, 2024

EY plans to host a webinar titled “Credit Funds: Valuation," which will explore how alternative credit valuations may be impacted by higher interest rates for a longer period.

January 4, 2024

The Division of Examinations has initiated a sweep of investment advisers on how AI-based tools are being used by the firms including requests for information on “how firms are managing AI-related conflicts of interest, copies of marketing materials that mention AI, continuity plans around AI system failures, and other documents related to AI.”

January 3, 2024

The study notes, “achieving a high level of board effectiveness relies on the successful implementation of several key imperatives, including board leadership and composition, operational and deliberative processes, board culture and dynamics and performance evaluation and improvement.”

December 21, 2023

A recent report from McKinsey & Company, highlights the benefits and risks of the banking sector integrating generative AI (gen AI) into its business model. The report noted that “two-thirds of senior digital and analytics leaders attending a recent McKinsey forum on gen AI said they believed that the technology will fundamentally change the way they do business.”

December 20, 2023

The Public Company Accounting Oversight Board (PCAOB) announced enforcement settlements with three mainland Chinese and Hong Kong firms in accordance with the Holding Foreign Companies Accountable Act (HFCAA) which was signed into law in December of 2020. The sanctions cover two firms headquartered in mainland China and one in Hong Kong, including two China-based affiliates of PwC and one unaffiliated China-based firm, Shandong Haoxin, along with four individual auditors at that firm.

December 19, 2023

The authors, Peter Cziraki and Adriana Robertson, focus their research on corporate boards, but there are interesting and practical takeaways for fund boards. The study focuses on three patterns: the increase in women with board experience, board size, and the trend toward replacing men with women directors.