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PWC Publishes Update for Fund Audit Committees

PricewaterhouseCoopers has published its latest issue of "Current Developments for Mutual Fund Audit Committees."  The September 30, 2010 edition surveys the state of the fund industry, with an eye on the issues most relevant to mutual fund board audit committees.  

In this period of relative financial stability and slow economic recovery, focus is on new regulatory and tax legislation. SEC rules concerning Form ADV, 'pay to play' activity, and proxy access, as well as a proposed rule with respect to mutual fund distribution fees, have direct impact to the mutual fund industry. Earlier this year, Foreign Account Tax Compliance Act (FATCA) provisions were enacted and impose new responsibilities on US withholding agents, including RICs -- likely requiring system and process enhancements. Senate passage of the Regulated Investment Company Modernization Action of 2010 is still pending, and remains unclear if Senate will take action during this Congressional session, but proposed rule changes would significantly benefit RICs and their shareholders. However, strong oversight and controls over mutual fund tax matters would still be necessary.

This September 2010 edition includes articles on these issues, and includes bibliographies of pertinent publications on relevant topics:

  • State of the industry 
  • SEC focus-Use of derivatives 
  • FASB and IASB propose changes to fair value measurements and disclosures 
  • Regulatory developments 
  • Tax developments
  • IRS notice provides guidance on FATCA withholding and
  • reporting requirements 
  • House of Representatives passes RIC modernization bill 
  • Summary of industry developments for the six months ended September 30, 2010 


The document provides an excellent briefing for fund audit committees as they plan out their agendas for 2011. 

The full text of the publication is available here