An Aug. 12 Creditflux article quotes litigation partner Jeremiah Williams from a recent Ropes & Gray podcast titled “COVID-19: Credit Funds: Valuation Risks and Other Compliance Considerations in a Pandemic Market Environment.”
Since the pandemic, with much uncertainty and loss of value, credit funds may face increased pressure to reexamine their valuations and their valuation processes, highlighted Jeremiah in the recent podcast.
"Circumstances like this make clear how helpful it is to have a valuation policy that is flexible and has been written to encompass a wide range of economic conditions," he said. "This reduces the need to revisit or rewrite the policy in response to changes in the business cycle. Any changes to a fund’s valuation model or policies and procedures will be closely scrutinized by the SEC, so they should be clearly documented with the understanding that they could be looked at under a microscope."
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