To comply with changing international privacy requirements, ICI informs its visitors that we use cookies on our web site. ICI only uses cookies to allow subscribers and members to more easily use our site and to record site utilization. No personal or private information is gathered or stored. More details, including how to disable cookies, can be found on our privacy and cookie policy page. If you disable cookies, you will see this message on future visits to our site. Please click the enable button to consent to accepting cookies.
  • ICI
  • ICI Global
Sign In  |  Forgot Password?
Advanced | Tips
  • Home
  • Resources for Directors
    • Fund Operations Oversight
    • Fund Types and Asset Classes
    • Governance Topics
    • Litigation and Regulatory Matters
    • Portfolio Management Oversight
    • Index of Topics
    • Glossary of Terms
  • News & Communications
    • Comment Letters
    • Statements & Commentaries
    • News Releases
    • Media Contacts
  • Publications
    • White Papers
    • Annual Review
  • Events
    • Upcoming Events
    • Past Event Highlights
    • Event Contacts
  • Orientation Program
    • About the Program
    • Upcoming Sessions
    • Info for Registered Participants
  • About IDC
    • Governing Council
    • Activities
    • Contact IDC
  • Fund Operations Oversight
    • Accounting and Audit
    • Advertising and Social Media
    • Advisory Contract Approval
    • Business Continuity
    • Compliance and CCO Oversight
    • Cybersecurity
    • Disclosure
      • Publications
      • Webinars
      • Third-Party Resources
      • Litigation
      • Regulatory Matters
      • SEC Enforcement Cases
    • Distribution
    • Financial Technology
      • Webinars
      • Regulatory Matters
    • Risk Oversight
    • Service Providers
  • Fund Types and Asset Classes
    • Alternative Investment Funds
      • Publications
    • Closed-End Funds
    • Exchange-Traded Funds
    • Fixed-Income Funds
    • Money Market Funds
    • Target Date Funds
  • Governance Topics
    • Board Composition
    • Board Leadership
    • Fund Governance Overview
    • Indemnification and Insurance
    • Retirement Policy and Succession Planning
    • Self-Assessments
  • Litigation and Regulatory Matters
    • Litigation and Enforcement
    • Securities and Exchange Commission
  • Portfolio Management Oversight
    • Derivatives
    • Investment (Portfolio) Performance
    • Investment Risk Oversight
    • Liquidity
    • Proxy Voting
    • Securities Lending
    • Soft Dollars and Best Execution
    • Valuation
  • Index of Topics
  • Glossary of Terms

IDC Resources for Directors Fund Operations Oversight Service Providers

Funds generally do not have their own employees, so they rely on service providers to manage their operations. In addition to the fund adviser, which manages the portfolio and may perform other services, these service providers can include: an administrator, custodian, fund accounting agent, principal underwriter, and transfer agent.

The fund board oversees the service providers as part of its general oversight responsibilities. The nature and extent of board involvement in overseeing service providers varies across the industry. Many boards are involved to some degree in the selection of service providers and engaged in ongoing oversight of the quality of services received by the fund from its providers.

Publications
  • How U.S. Registered Investment Companies Operate and the Core Principles Underlying Their Regulation: Appendix A of the Investment Company Fact Book
  • Board Oversight of Fund Compliance (pdf)
    Sep 10, 2009
  • Board Oversight of Certain Service Providers (pdf)
    Jun 11, 2007
Webinars
  • Webinar: Emerging Financial Technologies: An Overview for Fund Directors
    Mar 30, 2017
  • Webinar Series: Core Responsibilities of Fund Directors - Session 5: Specific Regulatory Responsibilities
    Dec 10, 2014
  • Webinar Series: Core Responsibilities of Fund Directors - Session 4: Oversight of Fund Service Providers
    Sep 11, 2014
  • Webinar Series: Core Responsibilities of Fund Directors - Session 1: Fundamentals of Fund Director Oversight
    Feb 27, 2014
Regulatory Matters
IDC’s memos inform directors about important regulatory, legislative, and judicial developments. IDC also comments on proposals that could affect board responsibilities or shareholder interests. See below for recent comment letters and memos on selected topics.
  • IDC Comment Letter on Processing Fee Framework (pdf)
    Oct 31, 2018
  • IDC Comments on SEC's Transfer Agent Regulations Release (pdf)
    Apr 14, 2016

Quick Links

  • Fundamentals for Newer Directors
  • Overview of Fund Governance Practices, 1994–2018
top
  • About ICI
  • About IDC
  • About ICI Global
  • Privacy and Cookie Policy
  • Apply for User Account
  • Business Continuity
  • Contact ICI

Copyright © 2019 by the Investment Company Institute