Speaking at a recent PLI Investment Management Institute session, Securities and Exchange Commission Division of Investment Management Director Nadia Blass provided a number of insights regarding future rulemaking.  Among other things, Division Director Blass noted some lessons learned as a result of the pandemic.  For example, she noted that during this period, it became evident that funds and advisers remain very dependent on paper communications.  It may be time to reconsider, she noted, the SEC’s approach to fund shareholder and client communication.  The Director also commented on the generally favorable experience of boards of directors with virtual meetings, and considered whether it may make sense for the temporary relief relating to virtual meetings to be made permanent.  She noted that the SEC has a number of next steps on outstanding Division of Investment Management proposals, including on fund of fund arrangements, the use of derivatives by funds, fund valuation, and investment adviser advertising.  The Director also addresses a topic that has been central to many speeches given by SEC Chair Clayton, which is making private investments more accessible to Main Street investors, including through target date funds and closed end fund of funds.  Director Blass posed a number of questions as to which the Division Staff seeks input regarding closed end fund structures and that would be appropriate for retail investors.  See the full text of her remarks here.