University:
University College London
Course:
LAWS0001 | Contract Law
Academic year:

2024
Views:

444

Pages:

2
Author:

Namira A.

Area of Validity and Insights and Experiences - Observations and Experience Date: October 11, 2023 Presented by: Dick Frase (Dechert LLP London) Structures 1. 1940 Act Section 15c + Gartenberg case: retail fund board evaluates advisor performance 2. Wholesale funds interrogated by investor-led due diligence and fee pressure 3. AOV UK authorized retail fund managers required to self-certify 4. FCA's competition objective - efficient markets Risks Of Self-Certification Approach - Holistic or micro-management - Confirmation bias - Scale of the exercise - Varying fund manager resources Role Of Independent Director 1. Fund board v ACD board - independent v 'in the loop' 2. INED skills, experience and motivation 3. Board dynamics 4. Delegation and oversight 5. INEDs and AOV Direction Of Travel  Substituting for: institutional investor/fund board/perfect market?  Baseline VS ongoing review?  Has anything changed?  Quality of disclosure  A work in progress Industry Perspective Practical Impact on Boards - Disruption to existing boards - Potential loss of institutional knowledge - Realistic burden on individual independent directors? - Time commitments? - Additional cost of (professional) independent directors?