Uptick in Dividend Recaps – Reduce the Risk (2021)
Thanks to an accommodative U.S. monetary policy and the market’s optimistic assessment of corporate default risk, we have entered a period that some in the fixed income industry are referring to as “The Golden Age of Credit.” Interest rates have fallen to historically low levels, even for already leveraged companies and firms with higher-risk credit […]
The Division of Examinations Names Valuation as a Focus for Digital Asset Securities
On February 26, 2021, the SEC on behalf of the Division of Examinations (“Division”), formerly known as the Office of Compliance Inspections and Examinations (“OCIE”), released a Risk Alert(1) that provides observations to assist firms in developing and enhancing their compliance practices regarding the offer, sale, and trading of digital assets that are securities (“Digital […]
Financial Services Update – Webinar
Andrew Smith, President at Houlihan Capital, recently joined RSM and Mainstream Group for a virtual discussion to share insights on today’s rapidly changing environment due to COVID-19. Topics Discussed: Data incomparability What is fair value Lag in financials (Consistency) Valuation, quarter to quarter (stale marks) Dry powder, looking for deals at record levels (Client/Prospect) For […]
The State of Valuations in Light of COVID-19 Webinar
Michael Norton, Director, and Andrew Smith, President, recently joined ACG Chicago for a virtual discussion on how the current environment is impacting valuations. For those who did not have a chance to join the webinar, a video recording link is provided below: For any questions regarding this webinar or valuation assistance, please contact:
SEC Adopts New Framework for Fund Valuation Practices
On December 3, 2020, the Securities and Exchange Commission (SEC) voted to adopt Rule 2a-5, a new rule to modernize fund valuation practices. The rule clarifies how fund boards can satisfy their valuation obligations, including an increase in the variety of asset classes held by funds and increase both the volume and type of data […]