Changes

Providing valuations to clients is a major business task for SVB Analytics. Valuations of portfolio companies by funds are required to be done at an arm's length and to use 'fair market values', to comply with [http://www.fasb.org/summary/stsum157.shtml FAS 157], annually. Likewise valuations for the firms themselves to comply with [http://en.wikipedia.org/wiki/Internal_Revenue_Code_section_409A Internal Revenue Code 409A] , but clearly not all clients of the bank (or all firms in the industry) use SVB for this purpose. Valuations are also required whenever there is 'trigger event', such as the issuance of stock options.