Webinar | The Ex-SEC Speaks on Proposed Rule 2a-5

Friday July 24th 2020 | 10am


The Securities and Exchange Commission has just proposed a new rule that would establish a new framework for fund valuation practices. The rule is designed to clarify how fund boards can satisfy their valuation obligations in light of market developments, including an increase in the variety of asset classes held by funds and an increase in both the volume and type of data used in valuation determinations. The new rule is the most comprehensive statement of mutual fund fair valuation obligations for nearly 50 years and is likely to have profound changes for fund boards and managers.

To help clarify the Commission's thinking behind these proposals and to evaluate what the final outcome of the Rule might be following the comment process, Voltaire Advisors invited three former Directors of the SEC Division of Investment Management to opine on the topic. This distinguished panel assessed the key implications of the proposals for the fund industry and gave their views on what the final rulemaking outcome might entail, and what to expect in the future.

Details of the speakers are below. This Webinar complements and builds on our previous event and more detailed Special Reports available to download separately.



Norm Champ, P.C. | Partner, Kirkland & Ellis

Norm Champ is a partner in the New York office of Kirkland & Ellis LLP, where he heads up the regulatory solutions practice in the Investment Funds Group. Previously, Norm was the director of the Division of Investment Management at the U.S. Securities and Exchange Commission (SEC). Prior to that he was the Deputy Director of the SEC’s Office of Compliance, Inspections and Examinations (OCIE) and the Associate Regional Director for Examinations in the SEC’s New York Regional Office. In these capacities he supervised SEC examinations of investment advisers and other market participants.

Norm counsels the most sophisticated private fund sponsors in the world on complying with the constantly changing regulatory environment in the United States and other countries. Private fund sponsors seek out Norm’s advice because he can bring to bear his perspective as a former regulator, a former partner of a private fund manager and now a law firm partner. Norm’s large and wide-ranging practice, including defending numerous SEC examinations, gives him unparalleled insight into the most pressing regulatory issues in the market.


Andrew J. Donohue | Independent Director, BNY Mellon Family of Funds

Andrew J. Donohue, widely known as Buddy Donohue, is an independent director of the BNY Mellon Family of Funds. Buddy has over 40 years of experience in both senior government and private sector roles, having most recently served as Of Counsel in the Investment Funds practice at Shearman & Sterling LLP.

Buddy has also served as SEC Chief of Staff to Chair Mary Jo White (2015-2017). He is best known for his service as Director of the SEC’s Division of Investment Management (2006-2010). He has also served as Chairman of the ABA Investment Companies and Investment Advisers Subcommittee, and as an Editor of the ABA Guide for Fund Directors. He is currently an Adjunct Professor teaching investment management law at Brooklyn Law School.


David W. Grim | Partner, Stradley Ronon

David Grim provides counsel on all aspects of investment management law. Dave assists clients with a unique perspective developed during his over 20 years of public service in the U.S. Securities and Exchange Commission’s Division of Investment Management, including his time as one of only a small number of people who has served as the top regulator of the asset management industry.

Dave joined the Division of Investment Management in 1995 directly from law school and rose to become its leader. He developed regulatory policy and legal guidance for investment advisers and investment companies, including mutual funds, exchange-traded funds, closed-end funds, variable insurance products, unit investment trusts and business development companies. Prior to his appointment as Director, Dave served in a number of capacities throughout the Division, including Deputy Director and Assistant Chief Counsel.

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