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Benjamin Wells Quoted in Ignites on SEC’s Draft Valuation Rule
06.04.20
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Corporate Partner Benjamin Wells was quoted in an Ignites article titled, “No PMs Allowed: Shops to Struggle With Valuation Duties.” The article analyzed the SEC’s new proposed rule for fair valuation of securities under the Investment Company Act of 1940. When discussing a three-day notification requirement of the proposed rule, which seeks to mandate that firms inform boards of any issues that “materially affect, or could have materially affected, the fair value” of an asset, Benjamin said, “it effectively means the board has continuous oversight and has to address real-time issues.” He further notes that this may be too frequent and that quarterly meetings should suffice.
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