Response to Questions Posed by Commissioners Aguilar, Paredes, and Gallagher*

This paper primarily addresses the relationship between a fund’s board and adviser and their respective roles in addressing risk issues impacting the fund. Some of the discussion may also apply to the fund’s relationship with other service providers, such as the fund’s administrator, principal underwriter, transfer agent, accountant, and custodian. Those providers also manage the risks associated with the services they provide to the funds. For instance, the transfer agent may manage the risks associated with maintaining shareholder records. This paper does not attempt to address the different service provider relationships a fund may have, but rather, focuses on the...
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Response to Questions Posed by Commissioners Aguilar, Paredes, and Gallagher*