MFDF News Feed

September 12, 2022

In 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.

September 8, 2022

The 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be shying away from explicitly citing Chevron,” and that there are “major actions by this administration [Biden] that do not cite the case at all.”

September 7, 2022

A 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.

September 6, 2022

Davis 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.

August 25, 2022

A 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.

August 24, 2022

The 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.

August 23, 2022

A 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.

August 18, 2022

Senate 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.

August 17, 2022

A 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.

August 16, 2022

The 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.

August 11, 2022

The SEC adopted a final rule that changes amendments previously finalized in July 2020 under Chair Jay Clayton to rules governing proxy solicitations and the filing exemptions for proxy voting advice.

August 10, 2022

CFTC Chairman Rostin Behnam delivered remarks discussing the future of crypto regulation and identified risks in the crypto space arising from “macroeconomic factors, leverage built up by the emergence of new financial products, high risk investing, and contagion.”

August 9, 2022

Ernst & Young plans to host two webinars, one event covering ESG and one event touching on the value-add of boards of directors.

August 4, 2022

The SEC's Director for the Division of Enforcement, Gurbir Grewal, testified before a House Financial Services Subcommittee during a hearing that focused mainly on ESG and crypto enforcement actions.

August 3, 2022

The SEC’s Director of the Division of Investment Management, William Birdthistle, delivered prepared remarks on current issues and trends on investment management. Birdthistle’s remarks touched on the SEC’s regulatory map, developments impacting the investment management community over the next few months, money market funds, the LIBOR transition, and MiFID II developments.

August 2, 2022

SEC Chair Gary Gensler delivered remarks before the Center for Audit Quality program “Sarbanes-Oxley at 20: The Work Ahead" covering issues related to accounting standards under the FASB, corporate governance, and foreign issuers in the United States, among others.

August 1, 2022

Ropes & Gray recently released a podcast titled, “Fully Invested: Fund of Funds” that covers the basics of these products which are designed to invest in other privately offered alternative investment vehicles.

July 28, 2022

In a blog post by the Harvard Law School Forum on Corporate Governance, the authors highlighted a study that identified “Gold Medal Boards."

July 27, 2022

A Democratic Senator recently introduced legislation called the “Savvy Savers Act” (S.4361) that would require the Department of Labor (DOL) to conduct a study and report to Congress (within three years of enactment) on the effectiveness of disclosures and their transparency for self-directed retirement accounts and pension accounts.

July 26, 2022

The SEC recently issued a “Request for Comment on Certain Information Providers Acting as Investment Advisers” which addresses three categories of what the SEC refers to as “information providers” to funds, including: index providers; model portfolio providers; and pricing services.