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News June 28, 2004 Issue

Have You Heard?

Many fund groups are planning to hold a special board meeting in September for their boards to approve the compliance policies and procedures of the fund and their service providers.

“It appears that most funds will not be ready by July” said Drinker Biddle partner Diana McCarthy, referring to the traditional July meeting held by funds. Fund boards are required to approve the fund and service providers’ compliance policies and procedures prior to the October 5, 2004 compliance date.

McCarthy also reported that many fund lawyers are grappling with the appropriate amount of detail and the form of the summary to be given to the board.