SEC Wants to Keep Asking Funds About Prices
Published Date: 6/22/2026
Notice
Summary
The SEC is asking for comments to keep collecting info about how investment funds figure out the fair value of their investments when market prices aren’t clear. This affects funds and business development companies that must follow Rule 2a-5 to make sure their pricing is fair and well-checked. No big changes or costs are proposed, but the rule’s paperwork and oversight requirements will continue.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Funds Must Keep Complying with Rule 2a-5
If you run a registered investment fund or a business development company (BDC), you must continue to follow Rule 2a-5 to determine fair value for investments when market prices aren’t clear. Compliance is mandatory for any fund that needs to determine fair value and includes board oversight, the option to designate a valuation designee, and continued reporting and recordkeeping requirements.
Estimated Annual Paperwork Costs and Hours
The SEC estimates 10,047 respondents will each provide one annual response, with 34 hours per response (341,598 hours total) and a monetized time cost of $33,422 per response (aggregate $335,790,834 annually). The SEC also estimates an external cost burden of $3,632 per response, for an aggregate external cost of $36,490,704 annually.
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