1 Regulation of Investment Companies § 9.02


Summary

    Hide sectionNOTE:

    In 2020, the SEC adopted Rule 2a-5, which establishes an updated regulatory framework for fund valuation practices.1Link to the text of the note Rule 2a-5 is discussed in § 9.02[2][a][iv]. In addition, the SEC adopted Rule 31a-4, which requires a funds or its adviser to maintain appropriate documentation to support fair value determinations. Rule 31a-4 is discussed in § 9.02[2][a][iv][C].

  • [1] Introduction to Section 22(c), Rule 22c-1, and Section 22(e)

    Unlike traditional corporate securities or shares of closed-end funds, which are traded in secondary markets, the shares of open-end mutual funds are “redeemable securities”2Link to the text of the note