BoardIQ reports that the SEC has adopted its first guidance on fair valuation practices in more than 50 years this month, clarifying how boards should satisfy their oversight duties under the ’40 Act given the market’s evolution. Insights from asset management partner Paulita Pike are included in the piece, published on Dec. 15 titled “SEC Issues First Fair Valuation Rule in Half a Century.”
That language differs from the proposing release, which said the board could “assign” the task to an assignee, notes Paulita. The commission swapped the words because commenters noted that “assign” does not appear in other ’40 Act rules. How substantive that change is remains unclear, Paulita says.
Attorneys
Stay Up To Date with Ropes & Gray
Ropes & Gray attorneys provide timely analysis on legal developments, court decisions and changes in legislation and regulations.
Stay in the loop with all things Ropes & Gray, and find out more about our people, culture, initiatives and everything that’s happening.
We regularly notify our clients and contacts of significant legal developments, news, webinars and teleconferences that affect their industries.