Investment Funds Get New Valuation Rules

Thoughtware Alert Published: Dec 16, 2020

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On December 3, 2020, the SEC issued a final rule creating a new framework for fund valuation practices. New Rule 2a-5 under the Investment Company Act of 1940 establishes requirements for determining fair value in good faith. New Rule 31a-4 requires funds to maintain appropriate documentation to support fair value determinations and, where applicable, documentation related to the designation of the valuation designee. The article provides details on the updates, which will align better with fair value accounting rules and changes in audit standards.

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