On April 21, the Securities and Exchange Commission proposed rule 2a-5 under the Investment Company Act of 1940. The proposed rule is the culmination of years of SEC outreach and speculation designed to provide boards and investment advisers of registered investment companies with a consistent, modern approach to the determination of fair value. In its latest edition of the Mutual Fund Directors and Investment Advisers Digest, Deloitte explores key takeaways of the proposed rule and its potential impact on boards, advisers, and auditors.
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