The Securities and Exchange Commission on Tuesday announced that it has voted to propose a new rule that would establish a framework for fund valuation practices. The rule is designed to clarify how investment 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 SEC last addressed valuation practices under the Investment Company Act in a comprehensive manner in a pair of releases issued in 1969 and 1970. Since then, markets and fund investment practices have evolved considerably, the agency said, with many funds now engaging third-party pricing services to provide pricing information. The proposal will be published on the commission’s website and in the Federal Register. The comment period for the proposal will be open until July 21.