A California state court held that shareholders of exchange-traded funds (ETFs) have standing to sue under Section 11 of the Securities Act of 1933 (“1933 Act”) for an alleged prospectus misstatement only if they can trace their ETF shares back to shares that were originally sold pursuant to a materially false or misleading registration statement.
Monday, July 24, 2017
Investment Company Institute
1401 H St. NW
David Silver Conference Room
Washington, DC 20005
IDC and ICI will host the annual Independent Counsel Roundtable, an informal discussion on the issues most important to the independent director community. The following topics will be on the agenda—litigation, governance, data security, business…
Mutual fund directors are getting older and wiser as they oversee a growing amount of assets and number of funds, according to a governance study published by the Investment Company Institute on October 27, 2015.
The ICI’s study, which tracks governance practices from 1994 to 2014, identified a number of trends that would not surprise…
Morrison & Foerster has published the September edition of the Investment Management Legal + Regulatory Update. To read the full newsletter, click here.
Morrison & Foerster has published the June edition of the Investment Management Legal + Regulatory Update. To read the full newsletter, click here.
As business development companies (BDCs) grow in popularity, the role of their independent directors grows in importance. Here we look at the increasingly important role that BDC independent directors play and how their responsibilities differ from the responsibilities of independent directors to traditional investment companies. To read the full alert, click here.
The SEC’s Division of Investment Management recommends that fixed income fund advisers take steps to assess portfolio risk in light of “potential market volatility” and review the adequacy of related prospectus disclosures.
In particular, the staff suggests that fund advisers “consider taking” the following steps:
- Assess and stress-test liquidity during normal and stressed environments, taking