IOSCO consultation report on valuing collective investment schemes

The International Organization of Securities Commissions (IOSCO) has issued a consultation report proposing 13 updated recommendations for valuing collective investment schemes (CIS). The revisions seek to update IOSCO's 2007 principles for the valuation of hedge fund portfolios and its 2013 principles for the valuation of collective investment schemes, in light of market developments, including increased exposure to illiquid and private assets and heightened retail participation. The key updates cover: oversight arrangement; governance under stressed market conditions; management of conflicts of interest; fair value; back testing; use of third-party valuation service providers; stale valuations; and record keeping. IOSCO emphasises that robust valuation practices are critical to ensure accurate net asset value calculations of funds and maintain investor protection and market confidence. The deadline for comments is 2 February 2026, with a final report expected in mid-2026.

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