Financial markets and fund investment practices have changed substantially since the US Securities and Exchange Commission (SEC) last addressed fund valuation comprehensively 50 years ago. In adopting Rule 2a-5 on December 3, the SEC has attempted to modernize the regulatory framework of fund valuation while rescinding much of the current existing fair valuation guidance. Under Rule 2a-5, determining fair value in good faith will require assessing and managing material risks associated with fair value determinations; selecting, applying, and testing fair value methodologies; and overseeing and evaluating any pricing services used.