Fund Directions - A Look Back Through 2008

A Look Back Through 2008

The past year was a whirlwind for the fund industry and the financial sector as a whole. The Securities and Exchange Commission proposed game changing regulations, boards rejiggered their structures and sizes and a September/October meltdown laid the groundwork for a completely changed future financial landscape. Below are some of the key stories for boards from this year.

The Securities and Exchange Commission

The Summary Prospectus

The SEC approved the summary prospectus, originally proposed in November 2007, without requiring two major points the industry battled over quarterly updating and including the top 10 fund holdings which many believed would be time consuming and costly.

NRSROS and Rule 2a-7

Boards and industry lawyers strongly opposed the Commission's proposal on Rule 2a-7, which would put increased pressure on boards to make credit risk determinations in lieu of using establishing rating agencies. The comment period has closed and the Commission is expected to make a decision on the proposal this month.

Soft Dollars

Directors were equally peeved that the Commission's proposal on soft dollar guidance was not more substantive. Directors who read through the proposal ...

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A Look Back Through 2008