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SEC Rule Proposal: Good Faith Determinations of Fair Value

April 23rd | 2020



The SEC published a proposed amendment to the Investment Company Act of 1940 that would address valuation practices and the role of the board of directors with respect to the fair value of the investments of a registered investment company or business development company (a “fund”). To do this, the proposal sets out to establish a consistent framework for fair value and standard of baseline practices across funds. The proposed rule would also permit a fund’s board to assign fair value determinations to an investment adviser of the fund. This assignment would be subject to board oversight and certain reporting, recordkeeping, and other requirements designed to facilitate the board’s ability effectively to oversee the adviser’s fair value determinations. Now that the proposal has been published, the interested parties can submit comments about it to the SEC until July 21, 2020.

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