Mutual Fund Directors Forum

Mutual Fund Directors Forum

The Mutual Fund Directors Forum (MFDF) is a non-profit organization serving independent mutual fund directors in the United States.

Contents

Overview

The MFDF was formed in 2002, growing out of the Mutual Fund Directors Education Council, a partnership between the United States Securities and Exchange Commission (SEC) and the mutual fund industry.[1] The Council was convened in 1999, in response to SEC chairman Arthur Levitt's call for improved fund governance and better education of mutual fund directors.[2]

Although all persons in the mutual fund industry are able to participate in the Forum's events, actual membership in the Forum is restricted to independent directors or trustees of mutual funds. Today, the Forum's primary activities are the creation and production of educational programs, the publication of reports on best practice guidance,[3] and advocacy on behalf of its members. For example, in 2003, the Forum was asked by the then SEC Chairman William H. Donaldson to prepare best practice guidance in key areas of director decision-making, such as monitoring fees and conflicts, overseeing compliance, and important issues such as valuation and pricing of fund portfolio securities and fund shares.[4] In response to this request, the Forum published its "Report of the Mutual Fund Directors Forum on Best Practices and Practical Guidance for Mutual Fund Directors" in July 2004.[5] The report was well-received by the SEC.[6] Frequently, members of the Forum's staff are consulted and quoted by the financial press in news stories concerning mutual fund directors and the mutual fund industry as a whole. In addition, op-ed letters by Forum staff on topics important to the mutual fund industry have appeared in the Wall Street Journal and mutual fund industry publications.

Significantly, in 2002, the Mutual Fund Directors Forum applied for and received an exemptive order from the SEC allowing the payment by mutual funds, pursuant to the authorization of their boards of directors, of the dues of their independent directors for membership in the Forum, as well as Forum-related expenses; and finding that that these payments do not violate Section 17(d) and Rule 17d-1 of the Investment Company Act of 1940, which prohibit funds from participating in joint transactions with affiliated persons on a basis different from or less advantageous than that of any other participant.[7]

Notes

References

  1. Mutual Fund Directors Forum Library, "Reports and Best Practices Guidance"
  2. Testimony of William H. Donaldson, Chairman, SEC, Concerning Regulatory Reforms to Protect Our Nation's Mutual Fund Investors, before the Senate Committee on Banking, Housing and Urban Affairs, November 18, 2003
  3. "Report of the Mutual Fund Directors Forum on Best Practices and Practical Guidance for Mutual Fund Directors", July 28, 2004.
  4. SEC Press Release 2004-101, July 28, 2004, "Chairman William H. Donaldson Thanks Mutual Fund Directors Forum for Its Best Practices Report".
  5. SEC No Action Letter, Reference No. 2002418931, File No. 132-3, pub. avail. May 9, 2002

External links


Wikimedia Foundation. 2010.

Игры ⚽ Поможем решить контрольную работу

Look at other dictionaries:

  • Dimensional Fund Advisors — Type Private Industry Finance Founded 1981 …   Wikipedia

  • David Sturtevant Ruder — David Ruder 23rd Chairman of the Securities and Exchange Commission In office 1987–1993 President Ronald W. Reagan Preceded by John S.R. Shad Succeeded by Richard C. Breeden …   Wikipedia

  • Economic Affairs — ▪ 2006 Introduction In 2005 rising U.S. deficits, tight monetary policies, and higher oil prices triggered by hurricane damage in the Gulf of Mexico were moderating influences on the world economy and on U.S. stock markets, but some other… …   Universalium

  • United States — a republic in the N Western Hemisphere comprising 48 conterminous states, the District of Columbia, and Alaska in North America, and Hawaii in the N Pacific. 267,954,767; conterminous United States, 3,022,387 sq. mi. (7,827,982 sq. km); with… …   Universalium

  • Income trust — An income trust is an investment trust that holds income producing assets. The term also designates a legal entity, capital structure and ownership vehicle for certain assets or businesses. Its shares or trust units are traded on securities… …   Wikipedia

  • Corporate governance — Not to be confused with corporate statism, a corporate approach to government rather than the government of a corporation Corporate governance is a number of processes, customs, policies, laws, and institutions which have impact on the way a… …   Wikipedia

  • ARGENTINA — ARGENTINA, South American Federal Republic, general population (2004) 39,150,000; Jewish population 190,000. This entry is arranged according to the following outline: colonial period modern period legal basis for jewish life history EARLY JEWISH …   Encyclopedia of Judaism

  • USA Today — For the education monthly, see USA Today (magazine). For the song by Alan Jackson, see USA Today (song). USA Today The paper s January 24, 2011 front page T …   Wikipedia

  • Heather Higgins — [ Real Time with Bill Maher ] Heather Richardson Higgins (born September 21, 1959) is an American businesswoman, political commentator, and non profit sector executive who lives in New York City.Described as a political diva by some sources,Platt …   Wikipedia

  • ICICI Bank — Infobox Company company name = ICICI Bank company company type = Private BSE NSE:ICICI, nyse|IBN foundation = 1955 (as Industrial Credit and Investment Corporation of India) location = ICICI Bank Ltd., ICICI Bank Towers, Bandra Kurla,… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”