MFDF News Feed

December 5, 2024

The framework provides additional considerations such as setting expectations for the conversion project, early and ongoing communication, and understanding market flows, among others.

December 4, 2024

The program will prepare audit committees and management teams for upcoming year-end meetings and explore top-of-mind issues for audit committees heading into 2025.

December 3, 2024

In five administrative actions, the Securities and Exchange Commission (SEC) charged JPMorgan Securities LLC and JPMorgan Investment Management for alleged failures including, “misleading disclosures to investors, breach of fiduciary duty, prohibited joint transactions and principal trades, and failures to make recommendations in the best interest of customers.” The two affiliates of JPMorgan Chase & Co. agreed to pay more than $151 million in combined civil penalties as well as voluntary payments to investors to resolve four of the ­actions.

December 2, 2024

In November, Securities and Exchange Commission (SEC) Chair, Gary Gensler, announced his intention to depart from his role on Monday, January 20, 2025. During his tenure, he advanced several new rules including Money Market Fund reforms, Names Rule amendments, changes to Form N-PORT and N-CEN, shortening the settlement cycle to T+1, as well as additional final rules on central clearing, the National Market System, private fund reporting, and others.

November 21, 2024

The seminar covered topics including information security, registered funds, private funds, marketing, registered advisers and hot topics. Much of the discussion focused on items pulled from recent headlines and regulatory focus areas, including off-channel communications enforcement actions, cybersecurity, vendor oversight, private credit, share-class selection and conflicts of interest.

November 20, 2024

The webinar will highlight results from the latest survey which includes aggregate compensation data received through confidential questionnaires from fund CCOs and other industry executives.

November 19, 2024

The Securities and Exchange Commission (SEC) charged Invesco Advisers for making misleading statements regarding the total percentage of ESG integrated investments held in company-wide assets under management. Additionally, the Commission found that Invesco had no written policies as to what constitutes ESG integration.

November 18, 2024

As part of MFDF's ETF webinar series, Scott will walk the audience through in-kind transactions, custom in-kind baskets, and how ETF portfolio managers leverage these transactions to create the tax efficiencies that distinguish ETFs from their mutual fund counterparts.

November 14, 2024

The risk alert covers areas related to board oversight of advisory and sub-advisory contracts, compliance programs, disclosure documents, and other matters. Regarding compliance policies and procedures, the Commission staff noted weaknesses with enforcing stated policies and procedures, examining the effectiveness of policies and procedures, and CCOs that did not provide the required written annual compliance reports to fund boards.

November 13, 2024

In his speech, Chair Gensler noted retail investors participate in credit markets through registered investment funds, adding that the Commission adopted amendments to require more frequent portfolio disclosure for registered funds because “more frequent disclosure not only gives investors more regular access to how their funds are meeting their investment objectives, but also supports the Commission’s oversight of these funds.”

November 12, 2024

The program will highlight risks associated with generative AI platforms, a framework for using generative AI, and best practices surrounding AI use.

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.