MFDF News Feed

March 4, 2024

The FinCEN proposed rulemaking would require certain investment advisers to apply AML and Countering the Financing of Terrorism (AML/CFT) requirements pursuant to the Bank Secrecy Act (BSA), including implementing risk-based AML/CFT programs, reporting suspicious activity to FinCEN, and fulfilling recordkeeping requirements.

February 29, 2024

The Securities and Exchange Commission (SEC) announced that William Birdthistle, the Director of the Division of Investment Management, will vacate his position effective March 8. Natasha Vij Greiner, currently the Deputy Director of the Division of Examinations, will be named Director of the Division of Investment Management after Director Birdthistle’s departure.

February 28, 2024

The Securities and Exchange Commission granted relief to three Nuveen closed-end funds to exclude a shareholder proposal by Saba Capital Management from the funds’ proxy materials.

February 27, 2024

ICI Mutual will provide historical context, discuss current fund industry claims, and offer observations on the state of the market for directors and officers/errors and omissions and independent director liability insurance for funds and fund independent directors.

February 26, 2024

February 22, 2024

Chair Gensler emphasized that AI has the potential to transform markets, offering benefits such as improved efficiency, lower costs, and enhanced risk management. He also spoke about the risks associated with AI, including potential biases, cybersecurity threats, and market manipulation.

February 21, 2024

Ama A. Adams, Managing Partner at the Ropes & Gray Washington, DC office and Paulita A. Pike, Managing Partner of the Ropes & Gray Chicago office will examine recent Biden Administration action impacting outbound investment into China, and other related topics.

February 20, 2024

The conference will allow fund directors, CCOs, and industry colleagues to engage with key topics and issues from fund board rooms and the regulatory agenda.

February 15, 2024

The report highlights legal developments in the financial services space, including: Tailored Shareholder Report FAQs, state-level ESG court challenges, and the SEC's approval of Spot Bitcoin ETFs.

February 14, 2024

The Mutual Fund Directors Forum and Morgan Lewis plan to host a webinar titled, “Proxy Voting by Asset Managers: Current Trends and Issues.” Jack O'Brien and Chris Trueax will discuss the latest proxy voting trends and issues faced by asset managers.

February 13, 2024

The article highlights the differences between private credit and private equity, discusses the drastic change in the size of global credit offerings, and engages in a discussion around the potential risks private credit may pose to the overall financial system.

February 12, 2024

Enforcement lawyers at Stradley Ronon will review key enforcement themes and results for fiscal year 2023 including those discussed in the SEC’s own enforcement report.

February 8, 2024

The Securities and Exchange Commission (SEC) voted 3-2 to adopt final rules concerning SPAC initial public offerings and de-SPAC transactions. In his statement of support, Commission Chair Gary Gensler commented, “Today’s adoption will help ensure that the rules for SPACs are substantially aligned with those of traditional IPOs, enhancing investor protection through three areas: disclosure, use of projections, as well as issuer obligations.”

February 7, 2024

The hearing focused on the Commission’s proposed rulemaking on corporate issuers’ disclosure of climate risk and impact. Subcommittee Chairman Bill Huizenga (R-MI) noted that in the wake of the Supreme Court decision in West Virginia v. EPA, the SEC should rethink the scope of its proposals as it may see many of them challenged in court.

February 6, 2024

The SEC’s Office of Investor Education and Advocacy, along with FINRA and the North American Securities Administrators Association (NASAA) jointly issued an Investor Alert regarding the risk of investment fraud associated with AI and other emerging technologies. The Investor Alert highlights the increase in investments in AI-focused companies, and managers evaluating these investments in their funds should conduct thorough due diligence regarding the use of AI and associated compliance controls and oversight.

February 5, 2024

K&L Gates partners will look back at the Commission’s 24 adopted rules and 18 new proposals, while also touching on key priorities from the Division of Examinations and the Division of Enforcement.

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.