In a December 3, 2020 release, the SEC adopted new Rule 2a-5 under the Investment Company Act of 1940, as amended.  The rule establishes a new framework for good-faith determinations of the fair value of a registered fund’s investments under Section 2(a)(41) of the Investment Company Act and Rule 2a-4 thereunder.  The SEC also adopted Rule 31a-4 under the Investment Company Act, which requires maintenance of appropriate documentation to support a registered fund's fair value determinations, and certain other documentation related to the designation of a valuation designee, if applicable.