• Some Considerations for Fund Directors in 2013
  • April 24, 2013 | Authors: Mark F. Costley; Diana E. McCarthy
  • Law Firms: Drinker Biddle & Reath LLP - Washington Office ; Drinker Biddle & Reath LLP - Philadelphia Office
  • In the past year, the SEC has been continuing its enforcement efforts in the investment management area, some of which even involve mutual fund directors. At the same time, despite the U.S. Supreme Court’s decision in Jones v. Harris, plaintiffs have enjoyed some success in early stage shareholder litigation filed under Section 36(b) of the Investment Company Act. We also observed last year a few sweep exams, including one regarding sub-transfer agency fees and services and another with respect to exemptive order conditions. The SEC has also announced a 2013 sweep exam with respect to distribution and sub-transfer agency fees.