» Directors’ responsibilities are derived from their general fiduciary duties. The federal securities laws do not impose any specific obligations on fund directors with respect to oversight of risk management; in general, fund directors’ responsibilities are derived from their general fiduciary duties of care and loyalty and are part of their overall responsibility to oversee the management and operation of the fund. » A board’s focus is on the fund’s risks, which also entails understanding the adviser’s risks that may impact the fund. A board’s role is to oversee the management of the fund’s risks; it.
