Mon, 19/11/2007 - 14:16
The International Organisation of Securities Commissions has released its principles for the Valuation of Hedge Fund Portfolios, following the launch in March of a public consultation paper on valuation principles prepared by Iosco with extensive input from industry experts.
'Hedge fund asset management techniques are utilised in all asset classes and across numerous jurisdictions,' says Michel Prada, chairman of France's Autorité des Marchés Financiers and of the Iosco technical committee.
'The valuation issues relating to investment portfolios and their importance, particularly in current market conditions, to existing and potential investors are the same across a wide range of jurisdictions.
'The chief aim of the principles is to seek to ensure that a hedge fund's financial instruments are appropriately valued and, in particular, that these values are not distorted to the disadvantage of fund investors. Iosco believes that investors will ultimately benefit if hedge funds follow these principles.'
The principles describe techniques designed to strengthen the controls, oversight and independence of the valuation process. Prada says they emphasise the importance of written policies that are implemented consistently and regularly reviewed.
'These measures should strengthen the valuation process thereby making it more likely that the resulting valuation is appropriate,' he says. 'The principles may also be helpful for institutional and sophisticated investors in assessing the quality of the valuation framework within hedge funds.'
The nine principles are:
In July Iosco published responses to the technical committee's consultation report on principles for the valuation of hedge fund portfolios. The committee, a specialised working group established by Iosco's executive committee, is made up of 15 agencies that regulate some of the world's larger, more developed and internationalised markets and aims to review major regulatory issues related to international securities and futures transactions and to co-ordinate practical responses to these concerns. Iosco's membership regulate more than 100 jurisdictions accounting for more than 90 per cent of the world's securities markets.
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