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Fund Governance: Legal Duties of Investment Company Directors

By Robert A. Robertson
Publisher: ALM
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ISBN: 9781588521026
Publisher: ALM
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Fund Governance: Legal Duties of Investment Company Directors is a comprehensive, authoritative and practical treatment of the legal obligations of mutual fund and closed-end fund directors, the special duties of independent directors, and fund governance best practices.

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


CHAPTER 1

Background



CHAPTER 2

Duties of Fund Directors Under State Law



CHAPTER 3

“Independent” Director Requirements



CHAPTER 4

Board Structure and Operation



CHAPTER 5

Director Liability Indemnification and Insurance



CHAPTER 6

Board Approval of Advisory Agreement



CHAPTER 7

Board Approval of Mutual Fund Distribution Arrangements



CHAPTER 8

Monitoring Transactions with Affiliates



CHAPTER 9

Other Board Duties Under the Investment Company Act



CHAPTER 10

General Fund Board Responsibilities



CHAPTER 11

Special Duties of Money Market Fund Directors



CHAPTER 12

Special Duties of Closed-End Fund Directors



Appendix

Selected Bibliography

Index