This treatise provides detailed coverage of a fund board's legal duties under the federal securities laws and state corporate and trust law. It examines the impact of statutes and regulations, SEC guidance, court cases, and best practices in the context of fiduciary duty requirements, board structure and operations, audit committees, advisory and distribution arrangements, affiliated transactions, and other aspects of fund management. It also addresses the special requirements for closed-end fund and money market fund directors, as well as director indemnification and insurance issues. Filled with insight, Fund Governance: Legal Duties of Investment Company Directors looks closely at challenging questions that often arise.
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Table of Contents
Duties of Fund Directors Under State Law
“Independent” Director Requirements
Board Structure and Operation
Director Liability Indemnification and Insurance
Board Approval of Advisory Agreement
Board Approval of Mutual Fund Distribution Arrangements
Monitoring Transactions with Affiliates
Other Board Duties Under the Investment Company Act
General Fund Board Responsibilities
Special Duties of Money Market Fund Directors
Special Duties of Closed-End Fund Directors