On October 12, 2018, the Securities and Exchange Commission’s Division of Investment Management issued a no-action letter to the Independent Directors Council as a first step by the SEC and the Division to rationalize the duties and responsibilities of mutual fund directors under the Investment Company Act of 1940 (1940 Act).
In the April issue of The Investment Lawyer, asset management attorneys David Geffen and David Tittsworth discuss the advent of the no-action letter in a piece titled “The IDC No-Action Letter: Rationalizing Mutual Fund Board Responsibilities and Having the Right Oversight Conversations.” The article, co-authored by Mr. Geffen and Mr. Tittsworth, provides details of the background, Statutory Provisions under the 1940 Act, exemptive rules, director outreach initiatives by the SEC in 2007 and 2017, implementing the current no-action letter, and further implications.
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