In France, enforcement action against alternative investment firms for improper valuation procedures and controls is a “sign of things to come—and not just in France,” according to an article in Valuation Insights, Third Quarter 2018 from Duff & Phelps. The U.K. has bolstered its oversight of fund managers, and, in the U.S., the SEC is “extremely vocal and proactive in this area.” For example, the agency is now eyeing the common practice of using of broker-dealer quotes for “Level 2” investments.