The U.S. Securities and Exchange Commission on December 3, 2020 adopted a long-anticipated rule for the fair valuation of fund investments. Rule 2a-5 under the Investment Company Act of 1940 (final rule or rule): defines “readily available market quotations” as used throughout the Investment Company Act; establishes requirements for determining fair value in good faith; addresses both the board’s and the “valuation designee’s” role and responsibilities relating to fair valuation; and more closely ties together the applicable legal and accounting guidance on valuation.