On December 3, the U.S. Securities and Exchange Commission adopted new Rule 2a-5 (New Rule 2a-5) addressing registered fund valuation practices and, especially, the role of a fund’s board of directors in the fair valuation process. New Rule 2a-5 replaces decades-old guidance and interpretations and is intended to modernize the regulatory framework of registered fund valuation practices to reflect recent market developments and an increase in both the variety of asset classes held by funds and the volume of data used in fair valuation.
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