diff --git a/contracts/Folio.sol b/contracts/Folio.sol
index 9e1d214..0ff1167 100644
--- a/contracts/Folio.sol
+++ b/contracts/Folio.sol
@@ -213,6 +213,7 @@ contract Folio is
 
     /// @dev Non-reentrant via distributeFees()
     /// @dev Fee recipients must be unique and sorted by address, and sum to 1e18
+    /// @dev Warning: An empty fee recipients table will result in all fees being sent to DAO
     function setFeeRecipients(FeeRecipient[] memory _newRecipients) external onlyRole(DEFAULT_ADMIN_ROLE) {
         distributeFees();
 
@@ -372,7 +373,7 @@ contract Folio is
     }
 
     /// Distribute all pending fee shares
-    /// @dev Recipients: DAO and fee recipients
+    /// @dev Recipients: DAO and fee recipients; if feeRecipients are empty, the DAO gets all the fees
     /// @dev Pending fee shares are already reflected in the total supply, this function only concretizes balances
     function distributeFees() public nonReentrant {
         _poke();
@@ -815,7 +816,10 @@ contract Folio is
         emit MintFeeSet(_newFee);
     }
 
+    /// @dev Warning: An empty fee recipients table will result in all fees being sent to DAO
     function _setFeeRecipients(FeeRecipient[] memory _feeRecipients) internal {
+        emit FeeRecipientsSet(_feeRecipients);
+
         // Clear existing fee table
         uint256 len = feeRecipients.length;
         for (uint256 i; i < len; i++) {
@@ -823,11 +827,16 @@ contract Folio is
         }
 
         // Add new items to the fee table
-        uint256 total;
         len = _feeRecipients.length;
+
+        if (len == 0) {
+            return;
+        }
+
         require(len <= MAX_FEE_RECIPIENTS, Folio__TooManyFeeRecipients());
 
         address previousRecipient;
+        uint256 total;
 
         for (uint256 i; i < len; i++) {
             require(_feeRecipients[i].recipient > previousRecipient, Folio__FeeRecipientInvalidAddress());
@@ -836,7 +845,6 @@ contract Folio is
             total += _feeRecipients[i].portion;
             previousRecipient = _feeRecipients[i].recipient;
             feeRecipients.push(_feeRecipients[i]);
-            emit FeeRecipientSet(_feeRecipients[i].recipient, _feeRecipients[i].portion);
         }
 
         // ensure table adds up to 100%
diff --git a/contracts/interfaces/IFolio.sol b/contracts/interfaces/IFolio.sol
index b442e29..c50aeec 100644
--- a/contracts/interfaces/IFolio.sol
+++ b/contracts/interfaces/IFolio.sol
@@ -18,7 +18,7 @@ interface IFolio {
     event BasketTokenRemoved(address indexed token);
     event TVLFeeSet(uint256 newFee, uint256 feeAnnually);
     event MintFeeSet(uint256 newFee);
-    event FeeRecipientSet(address indexed recipient, uint96 portion);
+    event FeeRecipientsSet(FeeRecipient[] recipients);
     event AuctionDelaySet(uint256 newAuctionDelay);
     event AuctionLengthSet(uint256 newAuctionLength);
     event MandateSet(string newMandate);
diff --git a/test/Folio.t.sol b/test/Folio.t.sol
index c1c7576..0696a71 100644
--- a/test/Folio.t.sol
+++ b/test/Folio.t.sol
@@ -628,9 +628,7 @@ contract FolioTest is BaseTest {
         recipients[1] = IFolio.FeeRecipient(feeReceiver, 0.05e18);
         recipients[2] = IFolio.FeeRecipient(user1, 0.15e18);
         vm.expectEmit(true, true, false, true);
-        emit IFolio.FeeRecipientSet(owner, 0.8e18);
-        emit IFolio.FeeRecipientSet(feeReceiver, 0.05e18);
-        emit IFolio.FeeRecipientSet(user1, 0.15e18);
+        emit IFolio.FeeRecipientsSet(recipients);
         folio.setFeeRecipients(recipients);
 
         (address r1, uint256 bps1) = folio.feeRecipients(0);
@@ -675,9 +673,7 @@ contract FolioTest is BaseTest {
         recipients[1] = IFolio.FeeRecipient(feeReceiver, 0.05e18);
         recipients[2] = IFolio.FeeRecipient(user1, 0.15e18);
         vm.expectEmit(true, true, false, true);
-        emit IFolio.FeeRecipientSet(owner, 0.8e18);
-        emit IFolio.FeeRecipientSet(feeReceiver, 0.05e18);
-        emit IFolio.FeeRecipientSet(user1, 0.15e18);
+        emit IFolio.FeeRecipientsSet(recipients);
         folio.setFeeRecipients(recipients);
 
         assertEq(folio.daoPendingFeeShares(), 0, "wrong dao pending fee shares");
@@ -880,9 +876,23 @@ contract FolioTest is BaseTest {
 
     function test_setFeeRecipients_EmptyList() public {
         vm.startPrank(owner);
-        IFolio.FeeRecipient[] memory recipients = new IFolio.FeeRecipient[](0);
-        vm.expectRevert(IFolio.Folio__BadFeeTotal.selector);
-        folio.setFeeRecipients(recipients);
+        vm.expectEmit(true, true, false, true);
+        emit IFolio.FeeRecipientsSet(new IFolio.FeeRecipient[](0));
+        folio.setFeeRecipients(new IFolio.FeeRecipient[](0));
+        vm.stopPrank();
+
+        vm.expectRevert();
+        folio.feeRecipients(0);
+
+        // distributeFees should give all fees to DAO
+
+        vm.warp(block.timestamp + YEAR_IN_SECONDS);
+        vm.roll(block.number + 1);
+
+        folio.distributeFees();
+        assertEq(folio.getPendingFeeShares(), 0);
+        assertApproxEqRel(folio.balanceOf(dao), (INITIAL_SUPPLY * 0.1111e18) / 1e18, 0.001e18);
+        assertEq(folio.balanceOf(feeReceiver), 0);
     }
 
     function test_setFeeRecipients_TooManyRecipients() public {