http://www.funddirections.com/RSS.aspx?FeedID=267©2010 Compliance Reporter60Regulatory UpdateGiven the Securities and Exchange Commission's adoption of changes to federal proxy rules, boards will have to further consider how to defend themselves from activist shareholders as well as come up withhttp://www.funddirections.com/Article/2661123/New-Proxy-Rules-Creating-Changes-On-Two-Fronts.aspxThu, 02 Sep 2010 00:00:00 GMTThe Securities and Exchange Commission has told money market fund boards that they can hold off on designating nationally recognized statistical rating organizations (NRSROs) until the Commission has reviewed its credit ratings regulations as required by the Dodd-Frank Act. http://www.funddirections.com/Article/2661129/SEC-To-Boards-Hold-Off-On-NRSRO-Designations.aspxThu, 02 Sep 2010 00:00:00 GMTAndrew "Buddy" Donohue's departure from his post as the nation's top mutual fund regulator has spurred industry speculation that his exit might lessen chances of major change in Rule 12b-1, which allows the use of fund assets to pay fund distribution costs.http://www.funddirections.com/Article/2661136/Donohues-Departure-Stirs-Hope-On-12b-1.aspxThu, 02 Sep 2010 00:00:00 GMTThe Securities and Exchange Commission's plans to restructure fund distribution fees may create some new issues for fund directors. http://www.funddirections.com/Article/2661158/12b-2-Proposal-Could-Create-Headaches.aspxThu, 02 Sep 2010 00:00:00 GMTAmerican Funds investors who lost a suit alleging advisor Capital Research and Management Company charged excessive fees are seeking a reversal based on Jones v. Harris. http://www.funddirections.com/Article/2661160/American-Funds-Plaintiffs-Appealing-Excessive-Fees-Decision.aspxThu, 02 Sep 2010 00:00:00 GMTThe Securities and Exchange Commission has clarified a revision to Rule 2a-7 relating to a fund’s average weighted portfolio maturity (WAM) not being allowed to exceed 60 days. http://www.funddirections.com/Article/2652560/SEC-Eases-Money-Fund-Maturity-Requirement.aspxTue, 17 Aug 2010 14:30:16 GMTA fundamental accounting change now in the works could send mutual fund expense ratios skyrocketing, especially for funds that do a lot of trading. http://www.funddirections.com/Article/2649813/Accounting-Change-Could-Pump-Up-Expense-Ratios.aspxWed, 11 Aug 2010 00:00:00 GMTAs the Securities and Exchange Commission proceeds with its review of fund’s usage of derivatives, it has urged funds to take a fresh look at derivatives-related disclosures. http://www.funddirections.com/Article/2645995/SEC-Urges-Funds-To-Revisit-Derivatives-Disclosures.aspxThu, 05 Aug 2010 17:24:00 GMTThe financial reform bill mandates the Securities and Exchange Commission to conduct 18 separate studies--a number of which will have some impact on mutual funds.http://www.funddirections.com/Article/2640948/Reform-Bill-Zeroes-In-On-Fund-Issues.aspxThu, 29 Jul 2010 00:00:00 GMTThe Securities and Exchange Commission has issued a proposal to restructure the way mutual funds pay for the marketing and selling of their shares and to revise fund directors' oversight duties in reviewing these fees to reflect current market practices.http://www.funddirections.com/Article/2640966/SEC-Seeks-To-Ditch-12b-1.aspxThu, 29 Jul 2010 00:00:00 GMTMorgan Stanley Investment Advisors and Van Kampen Asset Management are the latest recipients of lawsuits from teed off common stockholders who claim auction rate preferred shareholders received preferential treatment by having their shares redeemed at par during the market meltdown last year. http://www.funddirections.com/Article/2640969/ARPS-Suits-Just-Keep-Coming.aspxThu, 29 Jul 2010 00:00:00 GMTFund boards and senior management should review their anti-money laundering (AML) programs to make sure they meet new regulatory guidance, according to a Deloitte Webcast.http://www.funddirections.com/Article/2641046/New-Regs-Spurring-AML-Reviews.aspxThu, 29 Jul 2010 00:00:00 GMTFund boards may welcome the removal of references to Nationally Recognized Statistical Ratings Organizations that is mandated in the Dodd-Frank Act, according to Joan Ohlbaum Swirsky, of counsel at Stradley Ronon.http://www.funddirections.com/Article/2641037/Reform-Bills-NRSRO-Removal-Seen-As-Positive.aspxThu, 29 Jul 2010 00:00:00 GMTEnhanced director disclosure requirements proposed by the Securities and Exchange Commission last year have resulted in more informative filings, according to Mary Schapiro, chairman.http://www.funddirections.com/Article/2641009/Schapiro-Enhanced-Director-Disclosures-Work.aspxThu, 29 Jul 2010 00:00:00 GMTThe Securities and Exchange Commission is examining whether open-end and closed-end mutual funds should be required to disclose the number of shares that a fund votes at a proxy meeting.http://www.funddirections.com/Article/2641019/SEC-May-Expand-Proxy-Disclosures-On-Securities-Lending.aspxThu, 29 Jul 2010 00:00:00 GMTThe role of fund directors when it comes to funds' usage of derivatives and leverage is one of oversight and should not cross into micromanagement, according to a report from a task force of the Committee on Federal Regulation of Securities of the Business Law section of the American Bar Association. http://www.funddirections.com/Article/2628940/Steer-Clear-Of-Micromanagement-Says-Derivatives-Task-Force.aspxMon, 12 Jul 2010 00:00:00 GMTIn its proposed new rules on target-date fund disclosures, the Securities and Exchange Commission says it expects that a fund board should monitor the flexibility used to change a glide path.http://www.funddirections.com/Article/2622587/SEC-To-Directors-Monitor-Glide-Path-Flexibility.aspxThu, 01 Jul 2010 00:00:00 GMTThe goal of money market fund reform is for money market funds to be able to "stand on their own," according to Andrew Donohue, director of the Securities and Exchange Commission's Division of Investment Management.http://www.funddirections.com/Article/2622627/Donohue-Redefines-Money-Fund-Aims.aspxThu, 01 Jul 2010 00:00:00 GMTAlthough a quorum was reached, the director nominees for the DWS Dreman Value Income Edge Fund did not receive enough votes to be elected but a stockholder proposal to destagger the board was approved.http://www.funddirections.com/Article/2622634/DWS-Directors-Remain-Without-Majority-Vote.aspxThu, 01 Jul 2010 00:00:00 GMTA U.S. District Court has dismissed a derivative lawsuit against certain independent trustees of the Franklin Templeton funds, which alleged breach of fiduciary duty and a waste of fund assets. http://www.funddirections.com/Article/2622628/Franklin-Suit-Dismissed.aspxThu, 01 Jul 2010 00:00:00 GMTBoth sides in the excessive fee case of Jones v. Harris Associates have filed motions and are waiting on a decision from the U.S. Seventh Circuit Court of Appeals on how to move forward in the case. http://www.funddirections.com/Article/2622624/Jones-Motions-Underway-At-Appeals-Level.aspxThu, 01 Jul 2010 00:00:00 GMTCohen & Steers and Eaton Vance are the latest closed-end fund providers to receive demand letters claiming breach of fiduciary duty in connection with the redemption of auction-rate preferred securities following the collapse of the auction markets in February 2008.http://www.funddirections.com/Article/2622630/More-Closed-Ends-Under-Fire.aspxThu, 01 Jul 2010 00:00:00 GMT