IDC Update: September 5, 2024

September 10, 2024

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2024 IDC Fund Directors Conference on October 21-23 – Early Bird Pricing Ends Tomorrow, Friday, September 6

Register today for the 2024 IDC Fund Directors Conference to lock in early bird pricing. The Fund Directors Conference is the premier event for the independent director community. It will be held in Chicago, Illinois from Monday, October 21 through Wednesday, October 23. A stellar lineup of expert speakers and panelists will address important issues facing fund directors and the fund industry at large, including the impact of artificial intelligence, the upcoming US elections, regulatory developments impacting board oversight, and more. The conference will feature focused breakfast discussions, peer-to-peer discussion sessions, networking receptions, and other opportunities to connect with colleagues and meet new directors. For more details on the speaker lineup and panel topics, check out the preliminary program HERE.

Please register for the conference HERE.

Register Today for IDC’s Core Responsibilities of Fund Directors on September 16 (Virtual)

Join IDC on Monday, September 16 for Core Responsibilities of Fund Directors, a half-day virtual presentation on various elements of board oversight, including the legal aspects of serving as a fund independent director. Beginning this year, IDC is hosting this virtual program as a standalone session separate from the Fund Directors Conference. Whether you are currently serving as an independent director or are interested in learning more about the role, please register HERE.

Core Responsibilities of Fund Directors is closed to the media and regulators and will not be recorded for replay.

Registration Open for IDC’s Foundations for Fund Directors® Program on December 4-5 (Virtual)

Registration is open for IDC’s next Foundations for Fund Directors® orientation program, which will be held virtually on Wednesday, December 4 and Thursday, December 5. Designed for current independent directors with up to five years of experience, Foundations for Fund Directors® serves as the definitive orientation program to get directors up to speed on their roles through two days of hands-on exercises in a small group setting. Several experienced independent directors will facilitate discussions focusing on guiding principles for director oversight; oversight of investment management and performance, compliance, and risk management; and advisory contract review. Hallmark features of the program include its in-depth, interactive case studies on directors’ responsibilities and their role as fiduciaries. Participation is limited to fund directors of member funds. Please register HERE.

Join Other Fund Directors at IDC’s Fall Chapter Meetings in Boston, New York, Philadelphia, and Northern California

IDC’s chapter meetings are informal and interactive gatherings for independent and interested fund directors. They are open to directors of member funds. Chapter meetings are an ideal opportunity to engage in peer-to-peer discussions relating to your roles as fund directors. Chapter meetings also address governance practices, policy developments, and other current topics relevant to fund boards.

The Boston Chapter Meeting will be held on Thursday, September 12 at Morgan Stanley (One Post Office Square, Boston, MA 02109). We will be joined by Neil Bathon, Managing Partner of Fuse Research Network, who will discuss industry trends. Please register HERE.

The New York Chapter Meeting will be held on Wednesday, September 18 at Ropes & Gray (1211 Avenue of the Americas, 38th Floor, New York, NY 10036). We will be joined by Gabriela Santos, Global Market Strategist, J.P. Morgan. You can register HERE.

The Philadelphia Chapter Meeting will be held on Tuesday, September 24 at Macquarie Asset Management (610 Market Street, Level 9, Philadelphia, PA 19106). You can register HERE.

The Northern California Chapter Meeting will be held on Thursday, December 12 at Allspring Global Investments (525 Market Street, 12th Floor, San Francisco, CA 94105). We will be joined by Katie D’Angelo, Head of Global Relationship Management, Intermediary Sales, of Allspring Global Investments. You can register HERE.

IDC will hold two Florida Chapter Meetings next year. The west coast chapter meeting will be held on Tuesday, February 18 at the Country Club of Naples (185 Burning Tree Drive, Naples, FL 34105). You can register HERE. The east coast chapter meeting will be held on Thursday, February 27 at the Country Club at Mirasol (11600 Mirasol Boulevard, Palm Beach Gardens, FL 33418). You can register HERE.

Additional details – including guest speakers and locations – will be posted at a future date.

SEC Adopts Reporting Changes and Liquidity Risk Management Guidance

Last week, the Securities and Exchange Commission (SEC) adopted amendments to require funds to file Form N-PORT reports on a monthly basis, within 30 days of month-end. The reports will be made public 60 days after month-end. Currently, the reports are filed on a quarterly basis and publicly available 60 days later. The SEC also adopted Form N-CEN amendments requiring funds to report information about liquidity risk management program service providers. In addition, the SEC adopted liquidity risk management program guidance that relates to the frequency of classifying the liquidity of fund investments, the meaning of “cash” in the liquidity rule, and the determination and review of highly liquid investment minimums.

ICI issued a press release, raising concerns that the amendments will open fund managers to a greater risk of predatory trading that will harm fund shareholders, without any corresponding benefit. ICI also raised questions about the security of the data and the disproportionate burden on smaller fund complexes. Finally, ICI maintained that the SEC should have reproposed the new reporting requirements to ensure adequate public comment.