New SEC Rules Regarding Investment Fund Valuation: Board Oversight, Methodology, Recordkeeping
A live 90-minute premium CLE video webinar with interactive Q&A
This CLE webinar will analyze the SEC's newly adopted Rule 2a-5 and Rule 31a-4 and their impact on investment fund practices in determining fair value for investment portfolios. The panel will discuss the steps counsel should take to ensure compliance by investment company boards with the oversight, recordkeeping, and reporting requirements of the new rules.
Outline
- Investment fund valuation under the Investment Company Act
- New valuation topics introduced in Rule 2a-5
- Changes made under new Rule 2a-5
- Establishing a valuation methodology: appointment a valuation designee
- Board oversight obligations
- Reporting requirements for the valuation designee
- Use of pricing services
- Recordkeeping under new Rule 31a-4
- The effective date of the new rules
- Implications for fund managers
Benefits
The panel will review these and other key issues:
- How will the new final rules change the valuation processes of investment funds?
- What are the landmines to avoid in maintaining compliance?
- Who may act as a valuation designee, and what is their role?
- How to vet a potential third-party valuation board designee
- What are the oversight responsibilities of the board?
- When may a pricing service provider be used, and when should their valuation determinations be challenged by the board?
- How will the final rules affect the records retention protocols of investment funds?
Faculty
Brian Hourihan
Managing Director, Public Securities
Brookfield Asset Management
Mr. Hourihan is Chief Compliance Officer and Regulatory Counsel for the Brookfield Public Securities Group LLC (PSG)... | Read More
Mr. Hourihan is Chief Compliance Officer and Regulatory Counsel for the Brookfield Public Securities Group LLC (PSG) and the Brookfield BHS Advisors LLC (BHS) Group. In this role, Mr. Hourihan oversees the PSG/BHS Compliance Departments and is responsible for the implementation of compliance control structures, new regulatory requirements, and related policies and procedures. Prior to joining Brookfield in 2017, Mr. Hourihan was the Regulatory Compliance Officer for Northstar Financial Services Group, LLC, and Senior Vice President and Deputy General Counsel for OppenheimerFunds Inc. He also worked at MFS Investment Management, Fidelity Investments, and Scudder Kemper and served as Senior Counsel in the division of investment management at the U.S. Securities and Exchange Commission.
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Justin Kuczmarski, MBA, CPA, CVA, ABV
President
NAV Valuation & Advisory
Prior to founding NAV, Mr. Kuczmarski served as an NYC Practice Leader in Financial Advisory Services for a top 10... | Read More
Prior to founding NAV, Mr. Kuczmarski served as an NYC Practice Leader in Financial Advisory Services for a top 10 accounting and advisory firm. He also has senior M&A investment banking experience as a Valuation Practice Leader for a leading M&A boutique bank.
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Robert M. Kurucza
Partner
Seward & Kissel
Mr. Kurucza is recognized as one of the country’s leading legal advisors in the financial services industry. He... | Read More
Mr. Kurucza is recognized as one of the country’s leading legal advisors in the financial services industry. He has represented major financial services companies, including banks, asset management firms, mutual fund complexes, trust companies, private wealth management firms and securities firms, in connection with a variety of regulatory matters and transactions, as well as litigation and compliance issues. In particular, he advises clients on the impact of federal banking and securities laws on structuring new product and service offerings, cross-industry initiatives and other business issues. Mr. Kurucza is a past chairman of the American Bar Association Subcommittee on Securities Products, and was named by the American Banker as one of the 125 most influential people in Washington, D.C. with regard to financial service matters. Mr. Kurucza also served as General Counsel to the former Bank Securities Association.
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