The SEC’s Division of Investment Management staff is considering amending Investment Company Act Cross Trading Rule 17a-7 and is requesting recommendations.
The SEC has adopted new Rule 2a-5 under the Investment Company Act on December 3, which governs the valuation practices for registered investment companies and business development companies.
The IAA recently submitted a comment letter in response to the SEC’s proposed rule that specifies how the boards of registered investment companies (funds) would determine the “fair value in good faith” of fund investments under the Investment Company Act.
The SEC voted to propose new Rule 2a-5 under the Investment Company Act that would govern valuation practices and the role of the board of directors in the determination of the fair value of the investments of a registered investment company or business development company.
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