Champ, sporting a SoCal sunburn, delivered the keynote at the ICI's annual
He spoke of the agency wanting to enhance its "eyes and ears" by "getting a better and more first-hand understanding of the workings of the fund industry" via the
"As part of REG's early-stage work, REG staff and I have been meeting with senior managements and fund boards from some of the largest, or most strategically important, fund complexes. We intend to visit firms of all sizes.
Mutual fund directors take heed because Champ says his division will be focusing on you.
"There are a number of issues we hope to discuss with fund directors. Are fund directors overextended? Are fund directors' responsibilities appropriately allocated? Do fund directors spend time on the issues where they can provide the most value?" he asked.
Champ also said his unit has recently met with accounting firms, ICI staff and ICI members concerning valuation and is working on valuation guidance that it can recommend to the
On the exchange-traded fund front, Champ said federal regulators would "like to codify exemptive relief" from provisions of the Investment Company Act of 1940, in order to be able to focus on the more innovative forms of exchange-traded funds and other investment fund applications in the future.
This would allow his division, which acts as the "laboratory of the
That's quite a laundry list and one that the
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