In the wake of the market timing and late trading scandals in the investment company industry, the Securities and Exchange Commission (SEC or “Commission”) recently adopted rules and rule amendments designed to enhance the governance practices of registered investment companies (“funds”).
The Future of Investment Company Governance
In the wake of the market timing and late trading scandals in the investment company industry, the Securities and Exchange Commission (SEC or "Commission") recently adopted rules and rule amendments designed to enhance the governance practices of registered investment companies ("funds"). In an effort to protect shareholders and reduce conflicts of interest between fund boards and fund investment advisers, the SEC has adopted rules that, among other things, proscribe the composition of and processes for fund boards, increase the required disclosure regarding approval of investment advisory contracts and create the position of fund chief compliance officer (CCO) who reports to the board. This article addresses the responsibilities fund boards will face in the wake of these new rules.
By
Robert W. Helm And Megan C. JohnsonThis premium content is locked for LawJournalNewsletters subscribers only
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