In a letter to the SEC, the American Society of Appraisers (ASA) voiced its general support for a proposed rule that harmonizes existing fund valuation guidance and clarifies what is expected from boards and advisors when a market quotation is not readily available. According to the proposed rule, the SEC has not updated fund valuation practices under the Investment Company Act since 1970. The proposed rule will update the framework and understanding to the SEC that boards and advisors should consult with a valuation specialist when in need of fair value determinations for hard-to-value assets.

Extra: The ASA has adopted a new governance model designed to enable its board of governors to focus on organizational vision and strategy and the CEO and staff to focus on operational issues.