BoardIQ recently published an article co-authored by investment management partner David Sullivan (Boston) and senior investment management attorney David Geffen (Boston). The piece, published on March 22, states that the SEC’s December proposal on the use of derivatives by registered funds imposes a new set of oversight duties on the directors of mutual funds. Some elements of the proposal may require that boards take on duties that have previously been the purview of the investment adviser. Mr. Sullivan and Mr. Geffen outline the considerations directors may want to take into account in anticipation of the final rules. This includes an evaluation of the board’s expertise and its resources to take on additional responsibilities, as well as thoughts on how boards can prepare to comply in advance of the final rules.
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